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China’s Dekun Energy opens 2 mln cubic metres crude oil storage warehouse

China’s Dekun Energy, a subsidiary of Shandong Huaxin Industry and Trade Group, has opened a crude oil storage warehouse with total storage capacity of 2 million cubic metres in Chinese eastern port city of Rizhao.

The new warehouse will add to Huaxin’s current storage capacity of 2.2 million cubic metres, making it China’s largest private oil storage firm, said the company in a statement.

Dekun’s storage will serve as bonded warehouse and would help boost crude oil reserve capacity in the region.

Chinese refiners and port operators have been accelerating plans to build storage facilities in China’s oil refining hub Shandong.
Source: Reuters (Reporting by Muyu Xu and Shivani Singh; Editing by Vinay Dwivedi)

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