Qingdao Port invests in Haiye Oil Terminal

Qingdao Port, in Shandong province in northeastern China, has taken a 51% stake in the 250,000 tonne Haiye oil terminal in the port for CNY 1.31 billion (€167.3 million).

Haiye Oil Terminal stores crude oil and has 17 oil tanks with a total storage capacity of 1.04 million m3. It is connected by pipeline to Qingdao Port’s Huangdao oil port area. Haiye subsidiary Yijia Yanghong, a subsidiary of Haiye Oil Terminal, has storage tanks of 216,000 m3 and 16 car loading cranes.

The terminal operating company is currently owned by Haiye Petroleum, with a 40.8% interest, Leruite Investment with 49%, and Yiruiyuan Trading with 10.2%. Following the transaction, Haiye Oil Terminal will become a subsidiary of Qingdao Port. The shareholders have all consented to the deal.

The transaction is subject to customary conditions and regulations.

(Source Tank Storage)

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