China is set to expand its commercial crude storage capacity by the end of 2020 by at least 15.11 million cubic meters, or 95.04 million barrels. More space to stockpile imports will be created by this new facility.
Customs data recently showed an all-time high of 11.37 million b/d in May recorded by China's crude imports. Since May 10, China's crude stocks have been increasing. At the end of May, a record high of 831 million barrels recorded by its crude stocks. This is a 6.8 percent increase from 778 million barrels recorded in the week starting June 9, 2019.
At 3.6 million cu m or 22.64 million barrels, Hengli Petrochemical (Dalian) will have the biggest capacity among the new storage facilities. A total of 24 new crude storage tanks will be constructed by Hengli, each of 150,000 cu m capacity.
In China's Luoyang city, construction of an 800,000 cu m storage facility also completed by Sinopec last month. This is expected to be online from second-half of 2020. By June 2021, another 800,000 cu m of storage capacity will be added to the Luoyang site.
