Additional 300,000 tonnes class (VLCC) crude oil terminal will be built in Rizhao port of Shandong province, to improve its crude oil transportation service.
The direct investor of new project is Rizhao port, Shandong Dongming Petrochemical Group and Shandong Transportation Industry Fund. Total project investment is RMB820m, with an annual handling capacity of 18m tonnes.
When the project will be completed, the total crude oil handling capacity of Rizhao port will reach 100m tons.
The three parties also set up a jv Rizhao Port Minggang Crude Oil Terminal Co. Ltd to operate this terminal. They had been co-operating on the operation of the 300,000 tons class crude oil terminal at Rizhao Lanshan port area.
Rizhao Port is an important crude oil and liquid chemicals distribution centre in North China.