Jinzhou Port has signed a framework of agreement with Cyprus-registered Pu Dara Group, for the development of a RMB1.2bn ($189m) shale oil project.
Under the agreement, Pu Dara Group will ship shale oil from Indonesia to Jinzhou. It will establish a wholly owned subsidiary to produce oil products in Jinzhou, while Jinzhou Port will invest in the project upon completion of phase one at the end of 2017. Operations will start in June 2018.
The project is expected to produce 6m tons of oil products annually.
Liu Jun, president of Jinzhou Port, said the project is critical for the port to transform from a traditional grain and coal port to a multi-functional port.