A COMMERCIAL oil reserve base will be built inside the Yangpu Economic Development Zone in Hainan Province.
Project developer China Petroleum & Chemical Corporation, commonly known as Sinopec, is negotiating with a number of oil firms from the Middle East over funding for the commercial oil reserve base.

Construction of the commercial oil reserve base is included in the Overall Plan of Yangpu Economic Development Zone approved by the Hainan Provincial Government for the period 2004-2020.

China is in the process of constructing four strategic - rather than commercial - oil reserve bases in Zhenhai and Zhoushan in Zhejiang Province, in Huangdao in Shandong Province, and in Dalian, Liaoning Province, with a combined storage capacity of between 10 and 12 million tons and a total budget of 6 billion yuan (US$750 million) from the state.

Yangpu Economic Development Zone is located inside the 150-square-kilometer Yangpu Peninsula on the northwestern coast of Hainan and covers an area of 30 square kilometers. The zone is about 140 kilometers from Haikou, capital of Hainan.

Source:佚名