Royal Dutch Shell's Chinese joint-venture are to build a large oil storage and transportation facility in the northern port city of Tianjin. This is expected to further expand the global energy tycoon's business in China, local authorities said today (Monday 9th January).
An agreement has been signed by Shell North China Petroleum Group with the Nangang Industry Zone in Tianjin to build the storage facility. The large storage facility can hold 200,000 cubic meters of oil, according to an e-mailed statement from the zone's management committee.
Construction will start in June and finish a year later in June 2013 and is expected to cost 550-million-yuan ($87.3 million), said the statement.
Annual sales revenue at the new facility is expected to reach 24 billion yuan, it said.
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