Qingdao International Energy Exchange unveils China's inaugural cross-border RMB transaction settlement services. [Photo/WeChat account: Shandong-Port]

Oil Port, led by Qingdao Port, and a trading company from Hong Kong have successfully closed a deal for 200,000 cubic meters of crude oil tank capacity on the Qingdao International Energy Exchange platform. 

This transaction represents the platform's first-ever cross-border RMB settlement, marking a significant advancement in facilitating efficient and cutting-edge cross-border RMB settlement services by Qingdao International Energy Exchange.

Leveraging Shandong province's world-class shipping hub and petrochemical industry advantages, Qingdao International Energy Exchange is dedicated to establishing an international energy trading hub catering to the Shanghai Cooperation Organization, the Belt and Road Initiative, and Northeast Asia. The platform serves as a hub for essential resources within the oil and gas industrial chain, offering trading products for crude oil tank capacity in the near, medium, and long term. These products cover both long-term and short-term lease transactions, greatly increasing online tank capacity trading in Shandong Port Group.

To date, the platform has facilitated crude oil tank capacity transactions amounting to 852 million yuan ($119.05 million), with a trading volume reaching 30.77 million cubic meters. It has attracted over 360 industrial clients and enticed eight foreign port storage areas to engage in online tank capacity leasing activities, swiftly elevating its industry influence.