Tianjin Economic-Technological Development Area (Nangang Industrial Zone) and the Petrochemical Storage and Logistics Base Project of Tianjin Taiao Petrochemical Logistics have signed an investment cooperation agreement.
Tianjin Taiao Petrochemical Logistics Petrochemical Storage and Logistics Base Project represents a total investment of RMB 4.3 billion (504.6 million), and the planned construction area spans 713,000m2.
The project will be divided into two phases. In phase I, with an investment of RMB 2.14 billion, the company will construct a storage warehouse spanning 348,000m2 for petrol, naptha, diesel, jet fuel, oil fuel, liquid industrial substances, and other products.
Construction of the warehouse, which has an estimated eventual storage capacity of 830,000m3, will begin in August of 2010, and the warehouse is expected to be ready to begin operations by December of 2012.
In phase II of the project, the company will invest RMB 2.16 billion and utilise the remaining 365,000m2 of land to construct a storage warehouse with a storage capacity of 1,170,000m3 for petrol, naptha, diesel, crude oil, and other products, and will also construct a fine chemicals project with a yearly production capacity of 1,100,000 tonnes.
Phase II of the project will begin construction in December of 2012, and be ready to begin operations by December of 2014.
He Shushan, development area party organization secretary and administrative committee director, says: The Nangang Industrial Zone is one of the ten main strategic areas in the Binhai New Area, and in the little over a year since its conception, it has already seen growth in construction occur at a breathtaking speed, which has established a firm foundation for the Nangang Industrial Zone to make itself a world-class centre for the heavy chemicals industry and a completely functional port.
Tianjin Taiao Petrochemical Logistics is a joint venture company funded by Tianjin Rongtai Investment and Hong Kong Haitai Investment with an initial registered capital of RMB 200,000,000.
Tianjin Taiao Petrochemical Logistics maintains close ties with Sinopecs North China branch office and Norwegian company Odfjell Terminals Asia, and plans to work together with them in the Nangang Industrial Zone to construct an internationalized, large-scale, and comprehensive petrochemical storage and logistics base.