North Chinese port operator Yantai Port Group has signed agreements with two subsidiaries of PetroChina to jointly build the LNG receiving station at west port area of Yantai Port and facilities of a 300,000 tonne-class crude oil terminal.
The LNG station project will be jointly constructed by Yantai port and Kunlun Energy Company Limited, a subsidiary of PetroChina. The whole project investment is RMB7bn, including one berth for a 266,000 cu m LNG vessel, LNG storage tanks and other facilities.
In addition, Yantai port is to work with PetroChina Fuel Oil Company Limited to build and operate the second phase project of the 300,000 tonne-class crude oil terminal, plus oil storage tank and pipeline project. The project investment is totalling in RMB5bn.
Launched in 1861, Yantai port is one of the 25 hub seaports in China. It currently has a 400,000 tonne-class ore terminal, a 300,000 tonne-class crude oil terminal, 560 km oil pipeline and 2.7m cu m crude oil storage area.
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