China’s state-owned oil and gas company China Petrochemical Corporation (Sinopec) has initiated work on the $850 million oil storage terminal in the Batam free trade zone of Indonesia. The refinery will have a capacity of 16 million barrels of crude and refined fuels, thus making it one of the largest inSoutheast Asia. In a related development, investment holding company Sinopec Kantons Holdings, a wholly owned subsidiary of Sinomart KTS Development, acquired a 95 per cent stake worth Rp 4.75 billion in PT West Point Terminal, a joint venture (JV) company responsible for developing the terminal. The stake was acquired from the JV partners – PT Mas Capital Trust (MCT) and PT Batam Sentralindo (PBS). In addition, Sinomart KTS Development and MCT will also subscribe and pay for the share capital, equivalent to 25–30 per cent of PT West Point Terminal.