Oil giants looking to add capacity, stockpile zone to port of Tianjin

China's two biggest oil companies each plan to establish a 300,000-ton crude oil terminal in northern China's Tianjin Port as part of the country's strategy to increase oil supplies to Beijing and Tianjin.

China Petrochemical Corp, or Sinopec Group, plans to start construction on the project next year, Yu Rumin, chairman of Tianjin Port, said on Wednesday.

The work follows on Sinopec's establishment of the first such terminal in the port, a project that began operating in November 2008.