First contract for Geostock Asia, wholly subsidiary of Geostock Holding
13 December 11
Geostock Asia has started its activities in the field of underground storage engineering with the recent signature of its first contract on 18 November 2011 with the Chinese company Yantai Wanhua Polyurethanes Co. Ltd for the development of their LPG underground storage facilities in Yantai, Shandong Province, China.
The Yantai project encompasses the construction of three mined caverns and their associated equipment; and the total storage capacity is expected to be one million m3.
Geostock Asia is a company of the Geostock Group. Created in 2011 and established in Singapore, the company will enable the Geostock Group to strengthen its capabilities of intervention in the Asia-Pacific region and establish a permanent presence in this part of the world.
Geostock already works in this area where it takes part in an active way in many underground storage projectis for liquid, liquefied or gaseous hydrocarbons, mainly in China, India, Japan, South-Korea, Vietnam and Singapore.
The first phase of this contract, which represents a total of 10,000 manhours of work for Geostock Asia, includes the assessment of the site conditions and the Basic Engineering Design studies.
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