PetroChina and Qingdao Port to Jointly Build Oil Storage Tank

Qingdao Port International signed a letter of intent with PetroChina’s wholly-owned subsidiary PetroChina Fuel Oil in Beijing on August 25 to build a 600 000 cbm crude oil storage tank at the Dongjiakou Port Area of Qingdao port. Following the completion of the project, Dongjiakou Port Area will have 3.46 million cbms of crude oil storage capacity. The joint venture will engage in storage, stevedoring and transmission of oil products including crude oil, fuel oil, diluted asphalt and wax oil, according to the letter of intent.