An application to expand crude oil futures storage capacity at a site in Dalian, China, has been approved by The Shanghai International Energy Exchange (INE).
INE is an international exchange trading in crude oil, natural gas and petrochemical derivatives.
Dalian PetroChina International Warehousing & Transportation Company has increased approved and active storage capacity to 1.8 million m2 at its site in Dalian Bonded Area, Liaoning Province. This is up from 1.2 million m3.
In May of this year, INE approved storage capacity expansion at the same site from 800,000 m3 to 1.2 million m3. It also approved a request at Sinopec Petroleum Reserve Company’s site at Lanshan North Port Area, Rizhao, Shandong Province, as demand for futures storage increased.
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