Oiltanking Enters the Chinese Market
In Autumn 2004, Oiltanking starts construction on its first tank terminal in China. The new tank terminal Oiltanking Daya Bay, located in the center of the Daya Bay Petrochemical complex in South East China, will supply the Pearl River Delta region and neighboring inland provinces with storage capacity for petroleum and petrochemical products as well as logistics services. Commissioning is scheduled for early 2006.
The new tank terminal allows Oiltanking to realize its long-held goal to be present in The People’s Republic of China. Daya Bay will also help to garner experience for further projects, as Oiltanking aims to establish its own terminal network in China in the mid- to long-term.
The outlook is good: Demand for storage space is growing continually. When it comes to energy consumption, no other country is as insatiable as the Dragon of the Far East. No other region consumes so much coal and steel. China’s oil consumption is second only to America’s and its petroleum production is sixth in the world. Alongside the petroleum industry, China’s chemical industry plays an equally important role, so both industries required tank storage capacity. In view of this, China is an extremely attractive location for Oiltanking.