Chinese oil companies look to Persian Gulf for oil storage

PetroChina Co., China International United Petroleum & Chemical Corp. (Unipec) and Brightoil Petroleum Ltd. are looking at building or leasing oil storage facilities in the Persian Gulf Region, in particular in Fujairah. Fujairah, on the Gulf of Oman, is a busy port and an excellent site for crude oil storage. A new oil pipeline from Abu Dhabi, the U.A.E.’s largest emirate, will make Fujairah port a strategic storage and export hub for the country’s crude oil. Storage at Fujairah would allow these Chinese oil companies to diversify their businesses internationally. The port is the world’s second largest bunkering port and a new oil pipeline from Abu Dhabi make it even more important as a storage and export hub for crude oil. (April 25, 2011)