Titan Petrochemicals plans to increase its oil and chemical storage capacity more than two fold throughout China over the coming few years, as it sees the region as a high-growth area.
Certainly, in May alone the country’s crude oil imports went up 20%, hitting the 5 million barrels a day mark.
According to Reuters, Titan is to increase its capacity to in between 5.5 million m³ and 6 million m³ and its current capacity in the country is 2.367 million m³.
The company used to mainly work at transporting oil into the country but now it is focusing on storing crude, mostly because shipping costs have increased.
So far it has not been revealed how much the company plans to spend on the expansion.