Shanghai: Brightoil Petroleum announced that the Zhoushan Brightoil Terminal Co. has received approval from the National Development and Reform Commission (NDRC) to develop its construction project for an oil storage and terminal facility at Ningbo-Zhoushan port.
Brightoil's storage and transshipment base will have a total capacity of 3.16m cu m, and the facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 dwt.
The construction will be completed in two phases. With an estimated capacity of 1.94 million cubic metres, Phase 1 is expected to commence commercial operatiosn around the end of 2014.
Dr. Sit Kwong Lam, chairman & ceo of Brightoil said, "The project will generate stable rental income for the Group, and will also contribute significantly to the Group's operational performance by enhancing the quality and efficiency of its bunkering and crude trading business and will play an active role in the development of a national strategic oil reserve." [22/10/13]