Chinese state oil company Sinopec has begun operations at Phase I of the Luoyang Crude Oil Commercial Reserve in Henan Province in eastern China.
Tank TK-01 officially began receiving oil at 21:18 local time on 30 June. The facility has a total capacity of 800,000 m3 and will mainly store crude oil with a low freezing point. Sinopec says that the facility entered service on schedule, and will improve the supply of crude oil to petrochemical companies in China’s Central Plains region. The facility has increased the company’s ability to guarantee supply in the regional markets and maintain energy security.
Luoyang Petrochemical will now be responsible for the operation and management of the facility. The second phase, which will also have a capacity of 800,000 m3, is scheduled for commissioning in 2021.