The feasibility of constructing three oil products tank farms with a joint capacity of around 44.4 million cubic metres of storage space is being investigated.
The storage facilities - if the government agrees to the plans - will be built in the port cities of Huizhou, Maoming and Zhanjiang.
The Huizhou facility would cost around US$296 million and would boast an oil terminal and storage tanks capable of holding around 16.8 million cubic metres of oil products. The Maoming facility is expected to cost around US$260 million and have oil storage facilities capable of holding around 4.4 million cubic metres of oil products.
The Zhanjiang facility would cost around US$918 million and hold around 23.2 million cubic metres of oil products.
Guangdong officials have confirmed that the figures quoted are still under discussion. If everything goes according to plan, the officials have stated that the facilities would be used to store imported oil products.
No timeframe has been given and the investment on the facilities is believed to come from China's major oil products supply companies like PetroChina and Sinopec and from independent suppliers like the Guangzhou Twinace Petrochemical Co.
