China’s Qinhuangdao Port will invest a further RMB551m ($80.5m) into Cangzhou Huanghua Port Crude Oil Stevedoring, the operator of a crude oil terminal project under construction at Huanghua Port in Hebei, the company revealed in its first half report.
After the capital injection, Qinhuangdao Port’s shareholding in the oil terminal will be increased to 65% and the remaining 35% will be owned by Cangzhou Huanghua Port Group.
Qinhuangdao Port is a major coal transportation hub and the largest coal port in China in terms of handling capacity.
Earlier this year, Splash reported that the Hebei government is considering to transform Qinhuangdao Port into a container and cruise port as the central government aims to cut down coal consumption and switch to clean energy. Qinhuangdao Port is looking at other ports in Hebei including Caofeidian and Huanghua for a relocation.