China's Tianjin Northern Petroleum plans a petroleum storage base amounting to 650,000m3 in the Tianjin Nangang Industrial Zone.
Construction on the base will start within the year and total investment stands at 1.2 billion yuan (129 million).
It will have the functions of storing, loading, and transporting crude, oil, and liquid petrochemical products. Once operational, it will realise an annual turnover capacity of 7.2 million tonnes.
The company has inked a cooperation agreement with the Tianjin Economic- Technological Development Area.
Tianjin Northern Petroleum core business covers the storage of such oil products as crude oil, petrol, diesel and fuel oil.