As reported by Reuters, Dekun Energy, a subsidiary of Shandong Huaxin Industry and Trade Group, has opened a crude oil storage warehouse with a total storage capacity of 2 million m3 in the eastern Chinese port city of Rizhao.
The new warehouse will add to Huaxin’s current storage capacity of 2.2 million m3, making it the country’s largest private oil storage firm, according to a company statement.
Dekun’s storage will serve as a bonded warehouse and help boost crude oil reserve capacity in the region.
Chinese refiners and port operators have been accelerating plans to build storage facilities in China’s oil refining hub of Shandong.