The Dongjiakou commercial crude oil storage tanks (phase III) in Qingdao Port, a subsidiary of Shandong Port Group (SPG), were put into operation on Aug 23. 

The first, second and third phases of the Dongjiakou commercial crude oil storage tanks which have a combined storage capacity of 5.2 million cubic meters have been already completed and put into in operation. These tanks make up China's largest oil storage facility.

Upon completion, the designed annual storage capacity of Dongjiakou port area will surpass 11.06 million cubic meters, which will help the port better serve the regional economic growth of Shandong.

The Dongjiakou commercial crude oil storage facility is a key project driving Shandong's and Qingdao's pivot from old to new growth drivers. The inauguration of the facility is a significant measure by SPG to leverage its role as a pillar in connecting the eastern and western regions and coordinating the coastal and inland areas, as well as integrating into the Belt and Road Initiative, the Regional Comprehensive Economic Partnership, and the Yellow River national strategy. This will help SPG sharpen its core competitiveness and make positive contributions to Shandong's efforts in building a strong maritime province.

In recent years, the rapid development of the crude oil trading has accelerated the agglomeration of related upstream and downstream enterprises, and this has led to increasingly urgent needs for the construction of infrastructure facilities. 

The third-phase facility is connected with Dongjiakou port area's existing storage tanks, which together can store 11.06 million cubic meters of crude oil. This will offer local refineries, carriers and cargo owners more safety, more convenience, and more economical logistics services. It will also consolidate Qingdao Port's position as China's largest crude oil importer, thus contributing to SPG's efforts to build a world-class sea port and a world-class enterprise.

The Dongjiakou commercial crude oil storage tanks (phase III) in Qingdao Port, a subsidiary of Shandong Port Group (SPG), are put into operation on Aug 23.