Vopak to build US$1 billion Hainan terminal

China’s state-owned investment holding company, the State Development and Investment Corporation (SDIC), has teamed up with Royal Vopak of the Netherlands to build a 7 billion yuan (US$1.03 billion) oil terminal and commercial oil storage facility in Hainan, China. The project, located in Hainan’s Yangpu Economic Development Zone (EDZ), will comprise a commercial crude and oil products terminal with two berths capable of handling 300,000 dwt tankers, two 100,000 dwt berths and two 50,000 dwt berths, SDIC said in a statement. The Yangpu EDZ also houses the eight million metric ton per year (160,000 barrel per day) refinery operated by the country’s largest refiner, China Petroleum and Chemical Corporation (Sinopec). (July 10, 2008)