Sinopec Group completes first crude reserve depot

China Petrochemical Corp., or Sinopec Group, finished construction at its first large-scale commercial crude reserve depot at the end of November. The depot, located in Zhenhai district, Ningbo city, comprises 38 storage tanks, each with a capacity of 100,000 cubic meters for a total of around 25 million barrels. The depot is near the Sinopec Zhenhai Refining & Chemical Company and the country’s Zhenhai state strategic petroleum reserve base. It can make emergent crude oil supplies to the group’s refineries in Shanghai and provinces of Jiangsu, Shandong, Zhejiang and Hunan. (December 29, 2008)