The privately owned supplier has formed a joint venture with Dalian city’s Industrial Zone Management Committee.
The new company, Brightoil Dalian Port, will oversee the construction and operation of the oil storage terminal and wharfs on Changxing island.
Brightoil will be given the right to use about 2 million square meters of land for 50 years to develop and operate the project, the company said in a statement to the Hong Kong Stock Exchange.
Work on the project should start this year and the first phase is scheduled to be completed within one and a half years.
The development includes an 8 million cubic metre oil storage facility and the construction of 13-15 berths, including one that can handle tankers of 300,000 deadweight tonnes (dwt).
The storage tanks will be equipped to store fuel oil, diesel, jet fuel, chemicals and crude oil, Brightoil said.
Brightoil, which focuses on the marketing and sale of bunker fuel in China and the east Asian region, said it had been “actively looking for opportunities to invest in oil-and-gas related businesses” including storage and wharfs.
It said it had a strategy of building or acquiring oil storage and wharf facilities at strategic locations which could “complement the growth of its marine fuel business”.