Qingdao Port introduces crude oil futures delivery depot

Qingdao Port of Shandong Port Group introduces designated delivery storage facility for crude oil futures

 

On May 7, a designated delivery storage facility for crude oil futures, licensed as the nation's first port enterprise of its kind, was launched at a ceremony at the Dongjiakou Port Area of Qingdao Port, which belongs to Shandong Port Group (SPG).  

 

With the joint supports of port-related institutions such as Qingdao Customs, Maritime Safety Administration and Immigration Inspection Station, crude oil futures business has been carried out successfully, attracting more investors to SPG. It expands the scope of SPG's "crude oil supermarket" and provides customers with the service of spots and futures in parallel as the two wheels, aiming to promote the high-quality development of the real economy.

 

SPG has integrated all crude oil import channels since its founding on August 6, 2019, emerging as the largest center for the handling, transshipment, and storage of oil in coastal areas of China. It took advantage of a petroleum conference held in December 2019 to enhance connectivity with traders, producers, and financial institutions both at home and abroad, as well as with refining enterprises inside and outside the province.

 

With an entirely new perspective on innovation in the crude oil business, SPG has managed to achieve a slew of breakthroughs since 2020 involving the blending of bonded crude oil, the transshipment of international crude oil, and bonded ship oil supply, providing new opportunities and bringing new growth.

 

This designated delivery depot for crude oil futures will promote integration between world-class refining industrial clusters and world-class port resources in Shandong Province, take full advantage of SPG's comprehensive services, which includes port handling, crude oil storage, pipeline transportation, and effective connectivity with inland tank fields.

 

It will also boost our confidence in fighting the ongoing pandemic and continuing to make development progress, attract more investors to SPG, and build a new "East-West Connection, Land-Sea Linkage".

 

Source:Shandong Port

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