A new crude oil storage tank farm project is reportedly being advanced in the Dongying Port Economic Development Zone in Shandong Province, China, with project company Dongying Port Energy Storage and Transportation Co., Ltd. disclosing a social stability risk assessment. Total investment is reportedly approximately RMB 3.01 billion (about $420 million).
The project involves building a tank farm to store and transfer crude oil supplying a nearby refining-petrochemical cluster. It is reportedly intended to serve as a feedstock buffer facility for a nearby RMB 75.7 billion complex operated by Fuhai Group, which includes 15 million tons per year of refining capacity, 3 million tons of paraxylene (PX), and 2 million tons of ethylene. As a storage infrastructure project, no separate process technology licensor applies.
Total investment is reportedly approximately RMB 3.01 billion (about $420 million). The crude storage capacity is 2.4 million cubic meters (m³), reportedly consisting of 24 floating-roof tanks of 100,000 m³ each, grouped into six tank clusters. Construction is reportedly scheduled from June 2026 to December 2029.
The project is reportedly part of infrastructure expansion aimed at strengthening feedstock supply stability for refining-petrochemical complexes in the Shandong region.
As more standalone feedstock storage and transfer infrastructure is built near large refining-petrochemical complexes, the related storage facility construction market is seen as expanding in tandem.
Attention is on whether the tank farm is completed as scheduled by 2029 and aligns with the startup timeline of the nearby complex.