QINGDAO -- East China's Qingdao port and Brazil's state-controlled oil and gas giant Petrobras inaugurated a bonded spot crude oil depot on Wednesday.

The depot, first of its kind ever built in a Chinese port, received 130,000 tonnes of crude oil from the Brazilian oil tanker Maran Cleo, which arrived Monday.

Petrobras has signed an agreement with Qingdao port for paid use of the latter's four oil tanks with a total storage of 400,000 cubic meters.

Instead of purchasing a large amount of oil from overseas and taking price fluctuation risks, Chinese refineries are now able to buy bonded crude oil based on their needs at Qingdao port.

Anelise Lara, senior vice president of Petrobras, said Brazilian crude oil now had a new export platform, which would hopefully bring substantial earnings growth in the future.

Petrobras produced 110 million tonnes of crude oil last year, accounting for 82 percent of Brazil's total crude oil production.