Shanghai INE approves two more crude storage facilities

: Crude oil
21/02/10

China's Shanghai INE crude futures exchange has approved two more delivery storage facilities for crude oil futures. The approval came as even INE stock levels have fallen steadily since September.

INE released an official notice on 3 February that approved Dading Petroleum Logistics as the delivery storage facility for crude oil futures. This facility is located in Zhoushan, Zhejiang province, with capacity of 220,000m³, or 1.3mn bl.

INE on 9 February approved China's state-controlled Qingdao port and global trading firm Mercuria as another physical delivery location for INE, following their application submission on 10 December. This makes the Qingdao port the first listed INE delivery point partly-controlled by a non-Chinese firm. The facility is located in Dongjiakou, Shandong province, with capacity of 400,000m³, or 2.39mn bl.

The approval of two more delivery storage facilities brings INE's total storage capacity to 17.39mn m³. The current amount of activated capacity expands to 11.92mn m³, which is equal to 67.61mn bl. INE has also adjusted the conversion factor for crude oil volume to 6.29 bl/m³.

Shanghai INE's physical delivery tanks
Operator	Site	Delivered capacity (0000 m³)	Activated capacity (mn bl)
Sinopec	Caofeidian, Hebei	100	2.0
Sinopec	Rizhao, Shandong	120	5.2
Sinopec	Zhoushan, Zhejiang	80	3.5
Sinopec	Zhanjiang, Guangdong	90	4.2
Sinopec	Yangpu, Hainan	100	3.0
PetroChina	Ningbo, Zhejiang	40	2.3
PetroChina	Zhanjiang, Guangdong	70	3.1
Sinochem	Zhoushan, Zhejiang	100	2.1
PetroChina	Dalian, Liaoning	145	8.3
PetroChina	Dalian, Liaoning	120	6.8
PetroChina	Qinzhou, Guangxi	20	1.2
Qingdao Port/Sinopec	Dongjiakou, Shandong	40	2.4
Qingdao Port/Mercuria	Dongjiakou, Shandong	100	2.4
Shengang/PetroChina	Yangshan, Shanghai	30	1.3
Dalian Port/Norinco	Dalian, Liaoning	40	0.5
Sinochem Hongrun	Weifang, Shandong	500	18.0
Dading Storage	Zhoushan, Zhejiang	44	1.3
Total		1,739	67.6
Source: INE

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