BEIJING, July 9 -- SDIC Communications Co, a subsidiary of the State Development and Investment Corporation (SDIC), and Netherlands-based Royal Vopak will invest 7 billion yuan on a commercial oil reserve project in Hainan province, according to a statement on SDIC's website.

    Located in Yangpu Economic Development Zone in Hainan, the project will involve the construction of a public oil terminal containing two 300,000-ton berths, two 100,000-ton berths and two 50,000-ton berths for crude and oil products, as well as a commercial oil storage base covering an area of 500 million sq m, the statement said.

    Both parties refused to reveal the details of the project timetable or stock-holding information.

    One industry insider said the project will help boost downstream businesses such as oil refineries, which matches Yangpu's plan to develop a large-scale pe...

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