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China Petroleum Corp. to increase setup of oil tanks.

Taipei, May 12, 2011 (CENS) -- To offset impact of high oil prices, the state-run CPC Corp., Taiwan will invest between NT$60 billion and NT$100 billion to build oil tanks both domestically and overseas as part of its five-year plan.

Chu Shao-hua, the chairman, said the company will target Vietnam, Indonesia, Malaysia, and Taichung and Kaohsiung ports of Taiwan to build oil tanks for effective storage, which will help enhance profitability in international trade.

CPC has concrete plans to build 15 oil tanks in Vietnam with 25,000 kiloliter capacity, and will cooperate with two partners from Taiwan and Vietnam with initial investments in Vietnam to reach NT$1.6 billion.

The company says building tanks in Indonesia will follow the same plan as in Vietnam, and will also build tanks in Malaysia once it decides to invest in an oil refinery there.

Chu says the CPC will budget NT$50 billion to build eight wharves and 80-100 oil tanks over 203 hectares in the Kaohsiung Port's second-stage container center, of which the procurement of land will cost NT$14.7 billion and investment in oil tank building will cost between NT$40 billion and NT$50 billion.

The company will budget NT$23 billion to build three oil tanks and piping in the Taichung Port, with the oil tanks to begin operation in 2016.

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Author:Shen, Ben
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:May 12, 2011
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