A joint venture of Chinese and western companies plans to build an oil products storage terminal at the mouth of China's Pearl River.
This will offer the booming Guangdong Province an alternative source of supplies to nearest existing depots in Hong Kong, which are operated by major oil companies.
Fortune Oil plc, London, said a 120,000 cu m capacity storage facility is to built on Gaolan Island, 20 km from Macau in the Pearl River Delta. The $25 million terminal is expected to be in operation by October 1996.
At first, the single berth terminal will be able to unload tankers as large as 70,000 dwt. The plan is to increase berth capacity in stages to serve vessels as large as 300,000 dwt.
Fortune said the terminal is expected to become the main source of petroleum products for Macau, the Zhuhai special economic zone, and the western Pearl River Delta.
Fortune holds an 11% interest in the 30 year joint venture, which is to be called Zhuhai Special Economic Zone South China Petroleum Co. Ltd.
Main shareholder are state owned South China Petro-Chem Enterprises 50%, state owned Zhuhai Special Economic Zone Electricity Development Group 20%, and Vitol Asia Pte. Ltd., Hong Kong, 19%.
Copyright 1994 Oil & Gas Journal. All Rights Reserved.
Issue date: 12/26/94
