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Brightoil Petroleum (Holdings) Limited announced that the company’s subsidiary Zhoushan Brightoil Terminal Co., Ltd has obtained approval from the National Development and Reform Commission (NDRC), China’s top economic regulator, to develop oil storage and terminal facilities in Zhoushan area, Zhejiang province.

The approval marks an important breakthrough for private investors to step into China’s state-dominated energy sector in line with new national policies.

The project, located in Ningbo-Zhoushan Port in the Laotangshan Port Zone at Waidiao Island, has four berths with a total length of 1,395 meters to handle vessels with capacities ranging from 20,000 DWT to 300,000 DWT.

The project will provide key support to Brightoil’s storage and transshipment base in Zhoushan Island with an annual carrying capacity of 32.9 million tons.

The Zhoushan base has a total investment of $1 billion and a storage capacity of 3.16 million cubic meters in oil tanks. It is currently under construction and expected to commence operation in Phase 1 at the end of 2014 and in Phase 2 around first half of 2015.