The newly operational facility can handle up to 360,000 cubic metres of oil and chemical products.
Built at a cost of US$86 million, the terminal can handle gasoil, gasoline, fuel oil and “a variety of chemical products” and is designed to service clients in the Pearl River Delta.
According to Deng Yong, an analyst with Haitong Securities Co Ltd, “The Pearl River Delta is one of the country’s fastest growing regions, which has triggered large demands for petrochemical products including refined oil.”
“With its fast growth, China is increasingly depending on oil imports and is giving BP a good reason to set up the terminal to tap China’s oil market,” added Deng.
BP has a 40% stake in the project with GDIH holding the balance.
