Zhuhai Gree Petrochemical Co., China's largest fuel oil importer, will announce this weekend a joint venture with Sinochem International Oil Co. in relation to Gree's port and oil storage terminal project in South China's Zhuhai city.

Zhuhai Gree Petrochemical is a unit of Gree Group, whose main business, via the listed Gree Electric Appliance Inc., is the manufacture of air conditioners.

In March, Gree Group began construction of its oil terminal in Zhuhai.

The new facility will have up to 2 million metric tons of oil products storage capacity and blending facilities.

The first stage of the project, which comprises construction of 20 oil storage tanks with a total capacity of 520 thousand cubic meters, is expected to take 20 months.

The terminal is said to be capable of accepting vessels of up to 300 thousand deadweight tons when completed.

(CRIENGLISH.com)