The 2021 Shandong Port Petroleum Trade Conference is held in the city of Qingdao on July 29. [Photo provided to chinadaily.com.cn]

Hosted by Shandong Port Group (SPG) – based in Qingdao, East China's Shandong province – and organized by China Petroleum and the Chemical Industry Federation and China (Shandong) Pilot Free Trade Zone Qingdao Area, the 2021 Shandong Port Petroleum Trade Conference was held in the city of Qingdao on July 29.

Almost 300 participants, including customs officials, some Fortune Global 500 companies, oil producers and traders from home and abroad, refineries in and out of the province, cooperation partners, and financial institutions, attended the event.

SPG is considered China's largest port where imported crude oil comes ashore and the world's largest port for discharging oil products. Thanks to the port's advantages, a total of four platforms were launched at the event, including a crude oil full-chain trading service centralized procurement platform, an oil and gas full-chain trading service centralized procurement platform, a multi-cargo and multi-region full-chain trading platform, and a platform for advancing domestic circulation and promoting high-quality development.

The aim is to seek convergence of the trade business by working together with various partners, forge stronger strategic partnerships, and advance the transformation and upgrading of Shandong's petrochemical industry.

Since its establishment on Aug 6, 2019, with the help of favorable policy support from the Qingdao Area of the China (Shandong) Pilot Free Trade Zone and the China-SCO demonstration zone in Qingdao, SPG has gradually become a significant port for imports and exports of oil resources for China National Petroleum Corporation, China National Offshore Oil Corporation, and Sinopec.

SPG's outstanding development proves that it is due to port integration reforms that a platform has been built for various industries, allowing them to take part in cooperation and achieve stronger growth. By doing so, efforts have been stepped up to converge different factors and integrate various resources in a bid to smooth the flow of logistics, capital, and information.

As SPG Chairman Huo Gaoyuan said in his speech, "SPG will strengthen coordination with governments at all levels and port-related institutions to consistently expand land-oriented and sea-oriented opening-up as part of its efforts to further smooth the international logistics channel."

Huo also said that the company is expected to seize opportunities presented by the establishment of a new development paradigm, further expand the range of the oil trade business, achieve deep and sound interaction between various industries, and make greater contributions to serving national strategies and regional socioeconomic development.