Zhong Chen Energy

completed

The project is to construct and operate a 50,000 tons of low temperature and normal pressure liquefied petroleum gas (LPG) storage tank farm and other related utilities and onsite facilities. The facility will be able to transfer 500,000 tons of LPG annually at completion, and will be the largest LPG storage, transfer and distribution base in Jingtang Harbor, Hebei Province, Northern China. The project''s scope of business includes (i) importing LPG and selling domestically in bulk; (ii) a 1,500 bottles per day filing capacity; (iii) propane and butane storage; and (iv) production of LPG mixes according to customer specifications. The Sponsor has completed the first phase, which includes a 30,000 tons berth, four 500-ton spherical tanks, four 50-ton horizontal tanks, utilities and other onsite facilities. The first phase is expected to be in commercial operation late in year 2001.The project, at completion, will allow large tonnages of imported LPG to be transported directly to Zhong Chen terminal. The project will alleviate the supply shortage of LPG, and addresses the inefficiency and inadequacy of the existing LPG import, breakbulk and storage system in Northern China.