Qingdao Port has acquired a 51 percent stake in Haiye Oil Terminal at a total cost of CNY 1.31 billion (€167.3 million).
The 250,000 tonne terminal stores crude oil and has 17 oil tanks with a total storage capacity of 1.04 million m3.
The transaction, which is subject to conditions and regulations, will see Haiye Oil Terminal become a subsidiary of Qingdao Port.
The terminal operating company is currently owned by Haiye Petroleum, with a 40.8 percent interest, Leruite Investment with 49 percent, and Yiruiyuan Trading with 10.2 percent.
Yijia Yanghong, a subsidiary of Haiye Oil Terminal, has storage tanks of 216,000 m3 and 16 car loading cranes.
For more information visit www.qingdao-port.com