Sinopec has begun operations at Phase I of the Luoyang Crude Oil Commercial Reserve in Henan Province in eastern China. Luoyang Petrochemical will now be responsible for the operation and management of the facility.
The facility has a total capacity of 800,000 m3 and will mainly store crude oil with a low freezing point. Sinopec said it has increased the company’s ability to guarantee supply in the regional markets and maintain energy security.
The second phase, which will also have a capacity of 800,000 m3, is scheduled for commissioning in 2021.
Tank TK-01 officially began receiving oil at 21:18 local time on 30 June. Sinopec said the facility entered service on schedule and will improve the supply of crude oil to petrochemical companies in China’s Central Plains region.
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