By an OGJ Online Correspondent
BEIJING, July 9 -- China Petroleum & Chemical Corp. (Sinopec) bought crude oil storage facilities from the Port Authority of Qingdao in eastern China, including 32 crude oil tanks and offsite facilities with capacity totaling 1.8 million cu m.
The cost was not disclosed, but the tanks cost 1.2 billion yuan to build.
Sinopec will use the tanks to store imported crude oil before moving it through a 270-km crude oil pipeline to refineries in the northern Chinese cities of Beijing, Tianjin, and Cangzhou.
The pipeline is under construction and is slated for completion later this year (OGJ Online, June 18, 2001).
