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10^th Nov 2020: Based in Weifang in the northeastern part of Shandong province, China’s oil hub for independent refineries, Hongrun, which started investing in crude oil storage a decade ago, plans to build 2.8 million cubic meters of crude oil tankage space next year. That would bring Hongrun’s total crude storage capacity to 15.8 million cubic meters, or nearly 100 million barrels, which is equivalent to nine days of China’s total crude oil imports, said the Shandong-based official, adding that this is possibly the largest such facility owned by a private Chinese refiner. The 13 million cubic meter storage includes 12.2 million cubic meters in Weifang and 800,000 cubic meters in nearby Qingzhou city. (Source)