Brightoil to expand storage capacity

Hong Kong firm Brightoil Petroleum Holdings Ltd. has revealed several development plans in China. It is mulling building crude and oil products storage facilities with a combined capacity of six to eight million cubic meters (cu m) in the city of Dalian in the northeastern province of Liaoning. It is also looking at developing a 611,662 square meter piece of land in Zhoushan, Zhejiang Province, where it may construct onshore storage tanks that can hold close to 2.2 million cu m of oil products. Brightoil is also thinking of acquiring equity in a medium-sized oil storage company in Ningbo, Zhejiang and is seeking partners for upstream crude and natural gas exploration projects in China and overseas, the company said in a statement. (June 16, 2009)