The bonded port of Yangpu in Hainan province will soon have a new crude oil tanker terminal that can accommodate VLCCs.
The planned facility is being built by SDIC Communications Company in the Yangpu Economic Development Zone. The project, boasting two VLCC berths, two aframax berths and two berths for smaller tankers up to 50,000 dwt, is being undertaken in conjunction with the Vopak group of companies Hainan Vice Governor Jiang Sixian has said that, according to China's preferential tax policies on bonded ports, ships carrying crude oil that dock at Yangpu would face no import duties, no transfer taxes and no value-added tax. Jiang made those comments while announcing provincial plans to build a 10 million m³ oil storage facility in a free trade zone. When the storage facility comes on stream - the date of which is unclear - it will become China's closest oil storage hub to the Straits of Malacca. The port of Yangpu is currently home to the only 300,000 metric tonnes (mt) of crude oil terminal in southern China, and houses an 8 million mt refining project run by Sinopec. Announcement of the storage plans came hot on the heels of news that Yangpu was to be China's fourth bonded port area after the Chinese government approved development of the Yangpu Bonded Harbour Area at Yangpu port in Haikou.
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