PetroChina, Zhejiang Haiyue to build oil depot

PetroChina Zhejiang Petroleum Marketing, a subsidiary of PetroChina, is forming a joint venture (JV) with Zhejiang Haiyue to build a product oil depot and logistics facility at Damao Island in Zhejiang Province. PetroChina will hold a 52% stake in the joint venture and Zhejiang Haiyue the remaining 48%. The new oil depot will have a storage capacity of 1.2 million cubic meters. A 100,000–250,000 deadweight tonnage (DWT) wharf, a 30,000 DWT wharf and other facilities will also be constructed. (August 25, 2011)