Sinopec to Increase Storage Capacity Outside of China
A senior official for Sinopec Corp. said that the company is planning to double their storage capacity outside of China by 2020. Sinopec Kantons Holdings is planning to double the capacity to more than 5 million cubic meters in 2016 in Africa, South and North America. As of the moment there is no major oil terminal found in western Africa even if they are one of the biggest producer and exporter of crude oil.
Countries such as Argentina and Brazil are also exporting crude oil and is said to have production increase somewhere between north and south America might be considered as a strategic location. The company is also looking for other areas that have an active trading of the crude oil business. Sinopec is currently in the design and pre engineering phase in construction of the 2.6 million cubic meter storage terminal in the Batam free trade zone in Indonesia.
The company focuses on building the terminal and is still deciding whether if they will be going ahead with the plans of constructing a refinery in the area as originally planned, the refinery will depend in the demand and if its whether it worth building the refinery or not.