Sign up
Log in Sign up
Mon 17 Jun 2013, 13:34 GMT

Brightoil seals deal to build Zhoushan oil storage


Storage facilities will have a total capacity of around 3.2 million cubic metres.

Brightoil Petroleum (Holdings) Limited. has announced that its wholly owned subsidiary, Brightoil Petroleum Storage (Zhoushan) Co., Ltd., has signed a construction contract with China Petroleum Pipeline Bureau to build the first phase of oil storage facilities on Waidiao Island in Zhoushan, Zhejiang Province.

Located on Waidiao Island, the Zhoushan Waidiao Island Project will have a total capacity of approximately 3.2 million cubic metres (cbm). The project will be developed in two phases.

With a storage capacity of approximately 1.94 million cbm for fuel oil, petroleum, diesel fuel, jet fuel and chemical products, Phase I of the project is scheduled to start commercial operations in the second half of 2014.

Phase II of the project, which has a capacity of approximately 1.22 million cbm, is slated to begin full commercial operations in the second half of 2015.

According to the construction contract, China Petroleum Pipeline Bureau will carry out the construction works for oil storage facilities for Phase I of the Zhoushan Waidiao Island Project. The construction is expected to take 16 months and to be completed by the end October 2014. The contract price is RMB1.32 billion.

Dr. Sit Kwong Lam, Chairman & CEO of the Group, said: "We are pleased to sign the cooperative contract with China Petroleum Pipeline Bureau, which marks an important milestone in the development of our oil storage and terminal facilities business. Zhoushan 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. It creates synergies with our project on Changxing Island in Dalian, an oil storage and facilities project under development. The commissioning of these two projects will bring us stable revenue from oil storage as well as oil trading opportunities. Looking ahead, the group will continue to actively expand its oil storage and terminal facilities business while considering additional storage facilities to consolidate our competitive strength and create stable return to our shareholders."

Graphic promoting Auramarine webinar titled 'Sustainable Fueling Part 3: Ammonia - next alternative fuel in marine'. Auramarine to host webinar on ammonia as marine fuel in April  

Finnish firm will explore ammonia’s role in maritime decarbonisation at its third spring webinar.
Front cover of study by WinGD and Envision Energy titled 'Renewable Fuel Economics: An OPEX illustration based on current costs'. Green ammonia could reach cost parity with VLSFO and LNG by 2050, study finds  

WinGD and Envision Energy study projects green ammonia operational costs competitive with conventional marine fuels.
Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo. Bureau Veritas verifies methane emissions on Brittany Ferries’ LNG vessels  

Verification enables ferry operator to report measured methane slip instead of regulatory default values.
Map showing existing and planned Emission Control Areas (ECAs). Alliance calls for urgent black carbon action as new Arctic emission control areas take effect  

Canadian Arctic and Norwegian Sea ECAs now in force, with compliance deadline set for March 2027.
Artistic impression of battery-electric ferry for operation on Perth’s Swan River. Lloyd’s Register to class Western Australia’s first electric ferry fleet  

Echo Marine Group partners with Lloyd’s Register on five battery-electric ferries for Perth’s Swan River.
Thomas Kazakos, secretary general of The International Chamber of Shipping (ICS). ICS condemns Middle East shipping attacks as 20,000 seafarers remain trapped  

Industry body calls for urgent state action to resupply vessels and enable crew changes.
Molslinjen ferry illustration. Molslinjen order propels Australia to top of battery vessel production rankings  

Danish ferry operator’s three-catamaran order at Incat Tasmania shifts global manufacturing landscape, analysis shows.
Petrobras logo. Petrobras doubles invoiced price of MGO and LSMGO  

Export tax by Brazil's federal government forces Petrobras to double distillate invoice values.
Bunkering of Viking Line's Viking Glory by a Gasum vessel in Turku, Finland. Gasum renews FuelEU Maritime pooling partnerships with Viking Line and Wallenius SOL  

Nordic energy company extends compliance pooling arrangements with two shipping companies operating bio-LNG vessels.
Naming ceremony for CMA CGM Carmen on 18 March 2026. CMA CGM names methanol-powered container ship CMA CGM Carmen  

French shipping line christens 15,000-teu vessel as part of its alternative fuel fleet expansion.




 Recommended