NEWS: Major Brightoil storage development announced for Ningbo-Zhoushan Port in China; total investment set to reach US$1 billion.

Oil Tank Storage Foudndation (Brightoil)

Oil storage tank foundations being built by Brightoil at Waidiao Island

Brightoil Petroleum, one of the largest marine bunkering service providers in China, has announced the National Development and Reform Commission (NDRC) has granted them approval to construct oil storage and terminal facilities at Ningbo-Zhoushan Port in the Laotangshan Port Zone at Waidiao Island with capacities of more than 10,000 DWT.  Waidiao Island is emerging as a major petrochemical and trading hub for East China and is strategically located to support the import and regional trade for the greater Yangtze River Delta region. Commercial operation of the new facility is projected to commence around the first half of 2015 upon completion of construction.

The NDRC has granted approval for a total length of berths amounting to 1,395m in the terminal project. With a designed annual capacity of 32.9 million tonnes, the project will be equipped with four berths which can accommodate vessels of 300,000 DWT, 100,000 DWT, 50,000 DWT and 20,000 DWT, respectively.

Sit Kwong Lam, CEO of the Group, says: ‘Leveraging its strategic geographic location, this project will generate stable rental income for the Group and will enable synergies with the International Trading and Bunkering business and Marine Transportation business for better economies of scale. It will also play an active role in the development of a national strategic oil reserve.’

Brightoil’s storage and transshipment base is located on Waidiao Island in the Zhoushan Island Archipelago New Area in Zhoushan City, Zhejiang Province. With a total capacity of 3.16 million cubic meters in oil tanks, the facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 DWT. The total investment for the storage and transshipment base has reached approximately US$1 billion, and construction will be completed in two phases and concluded by 2015.

For additional information about Brightoil, please visit the Company’s website at http://www.brightoil.com.hk

 

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