Hong Kong-listed port operator Dalian Port Co. has announced a $36.5 million oil terminal joint venture (JV) with PetroChina.
The new facility is to be located at Xingang in Dalian and will be able to handle up to 440,000 dwt supertankers with its 28 metre draft. The terminal will have a designed capacity for 300,000 metric tonnes (mt) of crude oil, said Dalian Port Co. which operates oil, container and ro/ro terminals at Dalian in northern China. The 50:50 JV, which has not obtained government approval, has been named Dalian Port. PetroChina International Terminal Co. Dalian Port had earlier this year sold oil tanks with capacity of 450,000m³ to PetroChina. Oil shipments made up 44% of Dalian Port's revenue in the first half of this year, raking up a 12% rise in profit although oil products handled dropped 1.2% to 17 million tonnes. Jiang pinned weaker crude oil transshipment on the sale of the oil tanks to PetroChina, a deal which cut Dalian Port's storage capacity.
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