(Interfax, Dec 22, 2006) Shanghai started construction on a 2.70-million cubic meter storage depot for oil products, China's state media reported today.
This oil  storage  depot,  called  Yanshan Oil Product Storage Depot, is located  in  Shenjiawan  Island,  5  kilometers  off  the  Shang Yanshan Deepwater  Port.  The oil storage depot is a joint investment of Chinese and foreign investors, the official Xinhua news agency reported today. The construction of the oil storage facilities consists of three phases. In the first  phase,  the  storage  depot will be able to handle 420,000 cubic meters of oil products and the whole project, once completed, will be able  to  handle 2.70 million cubic meters of oil products, according to the report.

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