SDIC to Form Joint Venture with Royal Vopak for $1.02 Billion Oil Reserve and Port Project

---

Researched by Industrial Info Resources (Sugar Land, Texas)--The State Development Investment Corporation (SDIC) (Beijing) signed a joint-venture contract on January 10 with the Royal Vopak Corporation (Rotterdam, The Netherlands) to build the $1.02 billion Yangpu Commercial Oil Reserve and Crude Oil Port Project in Yangpu, Hainan province. A signing ceremony was held in Haikou, the capital of Hainan.

According to the contract, the project will include two 50,000-ton docks; two or three 100,000- to 300,000-ton docks for public use; and a 5 million-cubic-meter commercial-oil storage tank zone. In the initial phase, one 300,000-ton public crude oil dock; one 100,000-ton oil and liquid chemicals dock; and 1.2 million-cubic-meter storage tank will be built. An examination and preliminary design are expected to be complete by the end of March. Construction could begin in the second half of the year upon approval from the Ministry of Communication.

The project is one of three industrial bases proposed in Yangpu. The goal is to turn the zone into a regional navigation and logistics center, as well as an export base, Jiang Sixian, Deputy Governor of Hainan province, said at the signing ceremony.

The project will be built and operated by SDIC Vopak Yangpu Storage Tanks & Port Company Limited.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.