Shandong Port Group (SPG) held a ceremony in Yantai on Feb 8 for the completion or commencement of 58 projects.

These projects have a total investment of 43.3 billion yuan ($6.29 billion) and focus on wharf development, as well as crude oil transportation and storage, which is meant to enhance the service capacity and comprehensive competitiveness of Yantai Port.

Last year, Yantai Port witnessed a historic cargo throughput of 400 million tons and a container volume of 4 million TEUs, which helped further smooth out the land and sea logistics channel and enhance the port's resource gathering capacity and service level.

SPG said that it intends to invest more than 50 billion yuan in Yantai during the 14th Five-Year Plan period (2021-25), and work to boost the integrated development of the port area, industrial parks and urban area.

On top of that, the group has made great efforts to promote the construction of Yantai Port's energy system. At present, such key projects, such as the LNG Terminal Project in the West Port Area and the Sinopec Longkou LNG Terminal Project, have been rolled out to improve the port's functions, and is expected to provide stable energy security for Shandong, Bohai Rim and even North China.

SPG holds a ceremony in Yantai on Feb 8 for the completion or commencement of 58 projects. [Photo/Official website of SPG]