PetroChina Fuel Oil Company Limited and Qingdao Port International Co., Ltd. are set to invest $45.6m in a crude oil storage tank of 600,000m3 at Dongjiakou Port Area. The pair have formed a joint venture which will be engaged in storage, stevedoring and transmission of oil products including crude oil, fuel oil, diluted asphalt and wax oil.
The Port of Qingdao is one of world’s top international comprehensive ports and is an important domestic import & export port and transit base of oil products. Through the cooperation between the firms both parties will leverage on their respective advantages and further improve the oil storage and transportation facilities in Dongjiakou Port Area.
The new facilities will provide more convenient channels for PetroChina Fuel Oil to supply raw materials for petrochemical enterprises in the Shandong Province. It will also provide a solid foundation and strong support for the Port of Qingdao to provide inland customers with high-quality and high-efficiency port logistic services and to consolidate the oil resource markets.
Qingdao Port International Co., Ltd. operates the Port of Qingdao, one of the world’s largest comprehensive ports. The Company provides wide range of port-related services, ranging from basic port services, such as stevedoring and storage services, to ancillary and extended services such as logistics services and financing-related services.
PetroChina’s crude oil output ranks first among the international oil companies and its oil and gas output accounts for 60% of the total national output while its crude oil processing capacity reaches 193 million tons.
5th Sept 2017