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.