On May 7, a designated delivery storage facility for crude oil futures, licensed as the nation's first port enterprise of its kind, was launched at a ceremony at the Dongjiakou Port Area of Qingdao Port, which belongs to Shandong Port Group (SPG).  

With support from port-related institutions such as Qingdao Customs, the Maritime Safety Administration, and the Immigration Inspection Station, the crude oil futures business has seen some recent success, leading to an increase in investment in SPG. 

[Photo provided to chinadaily.com.cn]

It has expanded the scope of SPG's "crude oil supermarket" and provides customers with services related to spots and futures, aiming to promote the high-quality development of the real economy.

SPG has integrated all crude oil import channels since its founding on Aug 6, 2019, emerging as the largest center for the handling, transshipment, and storage of oil in coastal areas of China. 

It took advantage of a petroleum conference held in December 2019 to enhance connectivity with traders, producers, and financial institutions both at home and abroad, as well as with refining enterprises inside and outside the province.

[Photo provided to chinadaily.com.cn]

With an entirely new perspective on innovation in the crude oil business, SPG has managed to achieve a slew of breakthroughs since 2020 involving the blending of bonded crude oil, international crude oil transshipments, and bonded ship oil supplies, providing new opportunities and bringing new growth.

This designated delivery depot for crude oil futures will promote integration between world-class refining industrial clusters and world-class port resources in Shandong province, take full advantage of SPG's comprehensive services, which include port handling, crude oil storage, pipeline transportation, and effective connectivity with inland tank fields.

It will also boost our confidence in fighting the ongoing pandemic, continuing to make development progress, attract more investors to SPG, and build a new "East-West Connection, Land-Sea Linkage".

[Photo provided to chinadaily.com.cn]