TIANJIN, Apr. 7, 2010 (Xinhua News Agency) -- PetroChina (PTR.NYSE; 601857.SH), China's leading oil and gas producer, has started construction of a 1-million-cubic-meter crude oil storage in China's northern industrial hub Tianjin.
With total investment of 980 million yuan, the project involves 10 crude oil storage tanks with unit capacity of 100,000 cubic meters. Its construction will be completed by the end of 2010.
According to the company, the storage will be used to hold crude oil imports and serve as a supplementary reserve to the national strategic petroleum reserves (SPR).
