Trafigura SPG International Trading (Shandong) Co Ltd, a joint venture between Shandong Port Group (SPG) and Trafigura Group, was unveiled in Qingdao on Nov 15.

The strategic partnership between SPG, a world-class seaport, and Trafigura Group, a Fortune Global 500 company, has allowed both parties to leverage their unique strengths in this collaboration which will provide customers with more comprehensive, valuable and dynamic supply chain services, and inject strong impetus into the region’s high-quality economic development.

Ports are vital forces for promoting international trade and deepening international cooperation in supply chains. To better serve and integrate itself into the new development paradigm and advance high-level opening-up, SPG envisions creating a port-based integrated supply chain service system that will help with the building of safe and stable supply chains.

Trafigura is a renowned and influential supply chain enterprise as well as one of China's primary suppliers of crude oil, iron ore and non-ferrous metals. The company has resources in 156 countries and regions as well as abundant customer and bulk commodity resources, including crude oil, natural gas, ore and non-ferrous metals.

The cooperation between Trafigura and SPG has been deepening in recent years. The two sides have visited each other many times and fostered close friendships over the past year, reaching a consensus on supply chain system building, terminal operations, green, low-carbon development and other aspects.

Trafigura Hong Kong Limited and Shandong Port Trading Group jointly established the Trafigura SPG International Trading in the Qingdao Area of China (Shandong) Pilot Free Trade Zone on Nov 1. The company has a registered capital of 1 billion yuan ($138.12 million). The first installment of the registered capital will be completed by Nov 30.

Going forward, the two sides will tap into each other's strengths, bolster the deep connectivity of various cargo types between upstream resources and end-users, improve supply chain service capability, as well as advance the development of relevant supply, industrial chains and ecosystems both at home and abroad.

Shandong Port Group partners with Trafigura Group to establish a joint venture called Trafigura SPG International Trading (Shandong) Co Ltd. [Photo provided to chinadaily.com.cn]