Yijia, China’s fourth largest fuel oil importer, will operate the 480,000 cubic metres (m³) fuel oil terminal, and a 200,000-deadweight tonne fuel oil berth will come onstream at the same time, the official was reported saying.
The new tank facility will more than triple Yijia’s fuel oil storage capacity from the existing 190,000 m³ to 670,000 m³, according to domestic news portal C1 Energy.
The new facility may consider channeling the fuel oil products into the bonded market, where products could be sold as marine fuel to international ships, but officials from Yijia have declined to comment, C1 Energy reported.
Yijia is the biggest fuel oil importer in the eastern province of Shandong, where Qingdao is situated. In 2008, Yijia imported around 1.8 million tonnes of fuel oil.
The company may take advantage of its expanded storage capacity and berth to enlarge its market share in Shandong and the nearby Bohai Bay area, the report said.