China Approves Crude Oil Terminal Project at Zhoushan Laotangshan Port

China's National Development and Reform Commission has approved the development of a crude oil terminal at Zhoushan Island's Laotangshan port zone, SinoShip News said yesterday, citing a senior official from the project's developer, Zhoushan Shihua Crude Oil Terminal Co.

The project is estimated to cost CNY 328.4 million (USD 54.1m/EUR 39.6m). It includes development of a terminal, being able to shelter 450,000-dead-weight-tonne (dwt) crude oil vessels, and supporting facilities.

The terminal is designed to have an annual processing capacity of 18 million tonnes of crude oil. The terminal's capacity would be increased by an additional 15 million tonnes of crude oil imports once the facilities become fully operational, according to Zhoushan Shihua's deputy general manager Huang Bingnian.

Construction is scheduled to start in mid-2014. Commissioning of the terminal is slated for the second half of 2016.

(seenews.com, edited by Topco)