The fourth 300,000-metric-ton crude oil terminal of Rizhao Port of SPG is officially put into use on Oct 23. [Photo provided to chinadaily.com.cn]

The fourth 300,000-metric-ton crude oil terminal of Rizhao Port of Shandong Port Group (SPG) was officially put into use on Oct 23.

The Lanshan port area of Rizhao Port is the first single port area in China to have four 300,000-ton crude oil terminals.

A significant project in promoting the replacement of old growth drivers in the energy sector with new ones, Rizhao Port has been tapping into the opportunities presented by SPG's port integration reform to bolster its crude oil business and speed up the construction of crude oil facilities.

Relying on the five crude oil pipelines and a storage capacity of over 17 million cubic meters, Rizhao Port will emerge as a billion-ton crude oil distribution hub with the largest annual capacity and the most full-fledged berths. This will further cement Rizhao Port's position as the largest loading and unloading port for Sinopec's crude oil and also the country's third-largest importer of crude oil.

Rizhao Port will continue to strengthen collaboration with customers in crude oil delivery and transshipment, step up efforts to build a crude oil storage tank farm of 1.75 million cubic meters and strengthen crude oil futures settlement qualification, which will contribute to the building of a port-based integrated supply chain service system.