Shanghai Fuel granted permit to lease storage tanks

Shanghai Fuel Corp. Ltd., a major fuel oil trader in the eastern Chinese city, gained government approval to lease storage tanks of refined oil products, according to the Ministry of Commerce of China. “With the tank rent permit, we can expand our business in the fields of transportation and storage for crude oil, gasoline, gasoil and fuel oil,” a source at the company said. With the approval from the government (for leasing oil tanks), CNOOC Shenzhen could grow to be a strong competitor against the other two state oil majors, PetroChina and Sinopec, in south China’s Shenzhen city,” said a local trader. (October 28, 2009)