Shell to build oil storage facility in Tianjin
Updated: 2012-01-10 10:22
TIANJIN - Royal Dutch Shell's Chinese joint-venture will build a large oil storage and transportation facility in the northern port city of Tianjin, in a move to further expand the global energy tycoon's business in China, local authorities said Monday.
Shell North China Petroleum Group has signed an agreement with the Nangang Industry Zone in Tianjin to build a storage facility that can hold 200,000 cubic meters of oil, according to an e-mailed statement from the zone's management committee.
Construction of the 550-million-yuan ($87.3 million) project will start in June and finish a year later in June 2013, said the statement.
Annual sales revenue at the new facility is expected to reach 24 billion yuan, it said.
Shell North China Petroleum Group, which mainly operates petrol stations, was established in 1997 as a joint venture with the Tianjin State Farms Agribusiness Group.