PetroChina and Zhejiang Haiyue in JV

PetroChina Zhejiang Petroleum Marketing, a subsidiary of PetroChina and Zhejiang Haiyue reached an agreement to build a product oil depot as well as related logistic facilities at Damao island in East China’s Zhejiang Province. Shanghai Securities News reported that a joint venture (JV) will be established for the project. PetroChina will hold a 52% stake and the remaining 48% will go to Zhejiang Haiyue. The depot will have a product oil stockpiling capacity of 1.2 million cubic meters. The JV will build logistic facilities, a 100,000 to 250,000 deadweight ton (DWT) wharf, and a 30,000 DWT wharf at Damlao island. (August 25, 2011)