May 10, 2007

China's largest oil & grain storage to be completed next year

China's largest oil & grain storage, which is under construction in Hebei province, is expected to be completed next year.

The project covers an area nearly 300,000 square metres and costs RMB 620 million (US$80.6 million).

The storage area would have storage capacity for 1 million tonnes of grain and oil and handle 8.83 million tonnes annually. With the throughput capacity expected to hit 12 million tonnes in future, the storage would facilitate trade of RMB 11.8 billion (US$1.5 billion) every year.

The project has a trade and logistics area where rice, corn and soy from Northeast China would be sold to Beijing, Tianjin and other key Chinese cities, while wheat from central China's Henan province would be sold to Beijing and Northeast China.

The project also consists of an information service area for spot transaction services and dissemination of the latest price information.