On the Dutch Caribbean island of St. Eustatius is a 5 million bbl oil storage capacity, which has just been taken over by PetroChina.
The largest oil and gas producer and distributor in China and one of the largest oil companies in the world, PetroChina, took over the lease at the NuStar Energy Statia terminal from Saudi Aramco.
At the heart of North, Central and South America and the Caribbean, this storage facility can manage the largest oil tankers.
It is thought that in the future China will use it to transport oil further afield.
When the expansion of the Panama Canal is finished, bigger ships carrying much larger quantities of oil and other cargo will be able to pass through the canal and gain access to PetroChinas storage capacity.
The expansion of the Panama Canal will cost $5.25 billion (3.73 billion) and is the first major development the canal has seen since it was first opened in 1914. Completion is expected in 2014.