The Hainan property insurance branch of Pacific Insurance officially signed an insurance cooperation agreement with CEFC Hainan Oil Base to exclusively cover all risks for the latter's Yangpu petroleum reserve base project, with total insured amount of CNY 3.09 billion.
The phase 1 is divided into two tenders with a total planned investment of about CNY 2.8 billion and planned to build a crude oil depot with storage capacity of 200 million cubic meters and a fuel oil depot with storage capacity of 600,000 cubic meters. The project will engage in bonded warehousing, international transit and agent warehousing and sale of crude oil and fuel oil for the Middle East, Africa, East Asia, Southeast Asia and China.
Source:
http://www.sinocast.com/readbeatarticle.do?id=99324
