The Shanghai International Energy Exchange (INE) in China, an international exchange trading in crude oil, natural gas and petrochemical derivatives, has approved the expansion of a tank farm in Dalian in north eastern China.
The Dalian PetroChina International Warehousing & Transportation Company will increase its active oil storage in the Dalian Bonded Area from 800,000 m3 to 1.2m m3. The increase equates to around 2.5m bbl. INE says this is to increase the capacity for crude oil futures.
INE says that Dalian PetroChina International Warehousing & Transportation Company will offer designated delivery storage facility services, strengthen operational management and abide by all regulations.
Demand for storage is increasing around the world following the collapse of the oil price as a result of the COVID-19 pandemic and INE is one of many organisations to increase storage capacity in recent weeks.