Sinopec to build strategic oil reserve in Tianjin

China plans to invest 3.5 billion yuan (US$541.5 million) in building crude oil reserves in the northern port city of Tianjin, a local official recently said. With a capacity of 32 billion cubic meters, Tianjin’s reserves will be constructed by China Petrochemical Corp (Sinopec Group) at the Binhai New Area, said Wang Junming, general manager of Tianjin Nangang Industrial Zone Development Co., Ltd. Tianjin is one of eight national strategic reserves under the second phase of China’s petroleum reserve project. (June 7, 2011)