New Shandong projects set to boost local development

The Laishan district of Yantai city – located in East China's Shandong province – recently held a start-up event for 10 projects.

One of the projects involves active heave compensation technology and an equipment research, development and industrialization venture that is owned and operated by the Jereh Group, a Chinese oilfield services support company. Active heave compensation is a technique used on lifting equipment to reduce the influence of waves upon offshore operations. 

Together, the projects involve a total investment of 1.72 billion yuan ($235.47 million) and cover various sectors such as high-end equipment, ecological protection and modern agriculture.

According to Jereh Group CEO and chief operating officer Lu Wei, it developed the heave compensation equipment by tackling challenges in core technologies, including underwater control system sealing and pressure compensation.

It's hoped this breakthrough will help contribute to China's national strategy of becoming a global maritime powerhouse. The plant is projected to generate annual revenue of 220 million yuan once completed.

This year, at all levels in the Laishan district, there has been a strong focus on project development, resource support, supervision and assessment.

This concerted effort is said to have led to significant achievements in advancing its Project Development Breakthrough Year initiative.

Moving forwards, plans are for Laishan to resume all significant provincial and municipal projects at a rate of 100 percent in the third quarter, with a resumption rate of over 90 percent for district-level key projects.

What's more, the district is fine-tuning its processes to handle approvals, land use, financing and other issues - ensuring full support for project commencements and developments. (Edited by Zhou Yunlai)

A panoramic view of Laishan district in Yantai city. [Photo by Ji Haiyan for chinadaily.com.cn]