The commercial crude oil storage tank (phase II) at Dongjiakou Port Area, Qingdao Port, run by Shandong Port Group (SPG), was officially put into operation on Nov 26. A total of 24 floating roof storage tanks, each with a capacity of 100,000 cubic meters, were built, increasing storage capacity by 2.4 million cu m. Upon completion, the port area's designed annual storage capacity is expected to exceed 9.06 million cu m, becoming SPG's largest oil storage area.
Since SPG's integration on Aug 6, 2019, the company's crude oil business has grown by leaps and bounds. Qingdao Port has introduced many new businesses, including bonded crude oil, low-sulfur fuel oil and the blending of bonded fuel oil, which has improved its storage capacity for oil products and services for hinterland enterprises. The aim is to ensure the stability of the oil refining supply chain in Shandong and pave a solid foundation for SPG to grow into an international crude oil transshipment and distribution base and an international shipping hub center in Northeast Asia.
The project received a total investment of 4.98 billion yuan ($700 million) and covers an area of 16.82 mu (1.12 hectares), which is mainly used for the storage of crude oil, fuel oil and cutback asphalt. The project is divided into three phases, with the first phase being completed in 2021. A total of 24 floating roof storage tanks with a total capacity of 2.4 million cu m were built at the second phase. The third phase includes 12 storage tanks (1.2 million cu m capacity) and relevant supporting facilities, and plans to be launched in June 2023.
With phase II going into operation, the annual design storage capacity at the Dongjiakou Port Area is expected to exceed 9.06 million cu m, which will further improve its crude oil storage capacity and extend its service functions and areas. This will inject strong impetus for SPG to speed up the construction of a world-class sea port.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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