Shandong Port Group started construction of 20 projects in the eastern coastal city of Qingdao, Shandong province on Feb 23.

Container ships dock at Qingdao Port in Shandong province on Jan 24, 2022. [Photo/IC]

With a total investment of 22.8 billion yuan ($3.61 billion), the projects cover port terminal construction, crude oil storage facilities, liquid chemical storage facilities, bulk grain storage facilities, and other fields.

In addition, Shandong Port Group's seven projects in Qingdao, totaling 7 billion yuan in investment, were put into operation on the same day.

According to official figures, Shandong Port Group invested a total of 102.8 billion yuan in 1,331 projects in Qingdao between its founding in 2019 and the end of 2021, and 1,138 projects were completed.

Shandong Port Group proposes to invest 118.1 billion yuan in Qingdao during the 14th Five-Year Plan period (2021-25) to support the city's efforts to become an international shipping hub in Northeast Asia.

The crude oil commercial storage project (phase II and III) in Dongjiakou port area, which will receive an investment of about 2.61 billion yuan, will be completed and put into operation in 2023.

The project is of great significance to improve the structure of Qingdao Port's oil terminals, reduce the logistics costs of imported oil, promote the optimization and upgrading of the petrochemical industry in Shandong, and improve the commercial reserve capacity of crude oil in China.

The 750 million yuan liquid chemical storage project (phase II) in the Dongjiakou port area will be completed and put into operation in 2024. It will boost the production efficiency of the area's port chemical businesses.