Chinese oil and petrochemical giant Sinopec (Hong Kong) has leased oil storage space in Shanghai for the second time this year.
The company has leased tank space to store bonded fuel oil at Shanghai's Yangshan port to access the bunker market in China's second largest bunkering port.
Earlier in 2010 Sinopec (Hong Kong) leased a 20,000 m³ bonded oil tank space from the Shanghai Orient Terminal.
Now Sinopec (Hong Kong) is believed to have leased about 100,000m³ of fuel oil tanks at the facility, and stored roughly 50,000 tonnes of imported 380 centistokes fuel oil in these tanks in May.
The Yangshan oil terminal currently has a capacity of some 420,000m³, including 280,000m³ for fuel oil.
It is expected to have the largest capacity in China at 1.35 million m³ once its phase 3 upgrading plan is completed in 2012.