Vopak is to build and operate a bulk liquid storage terminal in Yangpu, Hainan, China, with its joint venture partner the State Development Investment Corporation (SDIC) of China.
Initially, the terminal will be able to store 1.35 million m³ and will also feature two jetties. However, the company says it could expand significantly further down the line.
The terminal will be used as an oil transshipment hub for shipping vessels coming from the Middle East, Africa and Asia.
The development will cover 58 hectares and SDIC will own 51% and Vopak the other 49%.
The terminal will have blending facilities and feature deep water access for VLCC ships, handling tankers of up to 375,000dwt.
The companies plan to commission the terminal at the end of 2013 and the site also has the potential to extend its storage capacity to 5.2 million m³.