Rizhao aims for leading role in oil trade

Rizhao Port in the eastern province of Shandong aims to become the country's largest terminal for crude oil imports, and a key participant in the nation's energy security drive, by expanding and bringing in strategic investors.

The National Development and Reform Commission, the top economic planner, has approved the construction of berthing facilities costing 1.2 billion yuan ($192 million) that can handle 17.5 million metric tons of crude oil annually.

It will be the port's third crude oil facility that can dock tankers with a capacity of 300,000 deadweight tons. The NDRC will likely approve a fourth one soon, Du Chuanzhi, president of Rizhao Port Co Ltd, said on Monday.