Qingdao Port International has announced that State-owned Assets Supervision and Administration Commission (SASAC) has arrangement a merger deal under which Weihai Port Group will transfer ownership of Weihai Port to Qingdao Port.
Upon completion of the deal, Weihai Port will become a subsidiary of Qingdao Port.
The port operator said the two ports have similar principal businesses and the merger will help eliminate regional competition between the two neighbouring ports.
Weihai Port is a major feeder port in Shandong, having completed a cargo throughput of 45m tons in 2018.
The merger is likely to be a part of the port assets integration in Shandong. Splash understands that Shandong province will establish a port group soon to integrate all the port assets in the province, following similar steps in other provinces including Jiangsu, Zhejiang and Liaoning.