The facility is expected to be developed over two phases, and the first phase will involve construction of a 1.4 million barrel petrochemical storage facility and deep water port with a 75ft draft.
The second phase will add 7.5 million barrels of storage capacity for crude oil and petroleum products and associated expansion of and connectivity to the port.
LDH Energy said it will be a minority partner in the JV providing commercial development expertise and Zhong Ao will manage day to day operations.
The JV has obtained regulatory approval and final formation is expected by the end of the year.
