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Thu 18 Jun 2009, 10:22 GMT

Brightoil continues storage expansion programme


Bunker supplier plans to build two fuel storage facilities in eastern China.

Chinese bunker supplier Brightoil Petroleum is planning to build two fuel storage facilities in eastern China as part of the company's expansion programme, according to industry sources.

The Hong Kong-listed firm is reported to have signed a preliminary agreement with the local government of Zhoushan, Zhejiang province, located in the south-east of the country, to build a 2.2 million cubic metre storage base for refined fuels.

Zhoushan has proven to be an attractive site for investors to build tanks there as it is the location for one of China's first four state crude reserve bases, it is also near to large consumer centres and has deep-water berths for easy access.

Meanwhile, Brightoil has indicated in a filing to the Hong Kong Stock Exchange that it is in talks with the northeastern port city of Dalian to build a storage base with a capacity of between 6 and 8 million cubic metres.

Brightoil already operates a fleet of bunker tankers and owns a 400,000 cubic metre oil depot in the southern city of Shenzhen. The company also indicated earlier this year that it plans to expand the facility to around one million cubic metres.

Furthermore, the company is considered to be planning to further expand its bunker and tanker fleet to support its operations and provide transportation services to customers.

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