A fuel storage terminal harbouring almost half a million barrels of oil is due to come online by the end of August.
China's state-owned Qingdao Yijia International Trade Group and Yijia, China's fourth largest fuel oil importer, will operate the 480,000 m³ fuel oil terminal, and a 200,000-deadweight tonne fuel oil berth will come on stream at the same time.
The new tank facility will more than triple Yijia's fuel oil storage capacity from the existing 190,000 to 670,000 m³.
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.
