Titan Petrochemicals Group has started the operation of a 410,000 cm storage facility and a supporting petrochemical terminal in Guangzhou, Guangdong province, southern China.
Located in the Nansha Economic and Technological Development Zone, the facilities are the first phase of the company's CNY 3 billion (284 million) project. The project includes 1.57 million m2 storage facilities, 21 1,000-120,000 tonnage berths and terminals, and the Guangzhou Huanan Petrochemical Exchange Centre. The project is scheduled for completion at the end of 2008.
In 2004 Titan planned to build petroleum storage facilities with a total capacity of 5 million cm in Shanghai, Fujian province and Guangdong province, which would make it the biggest petroleum storage services provider in China. The Nansha project is a key part of the plan.
Southern China consumed 26.12 million tonnes of oil products in 2006, accounting for more than one seventh of the nation's total consumption. Titan supplies oil products and provides logistic service and bunker refueling service.