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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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