Qingdao Port establishes joint venture with PetroChina

Qingdao Port establishes joint venture with PetroChina

China’s Qingdao Port has entered into an agreement with PetroChina Fuel Oil, a unit of state-run energy giant PetroChina, for the establishment of a joint venture.

The jv, named Qingdao PetroChina Storage Company, will mainly engage in the storage, stevedoring and transmission of oil products.

PetroChina and Qingdao Port will hold a 51% and 49% equity share in the jv respectively.

Qingdao Port believes the joint venture will further improve the oil storage and transportation facilities in Dongjiakou port area.

Qingdao Port is a major oil products import and export port in China and handled over 100m tons of oil products last year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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