The first phase of a new liquid terminal facility has been opened at Weifang Sime Darby Port, which is operated by Sime Darby Logistics in Shandong, China.
The newly opened facility features a maximum storage capacity of 406,000m³ and forms a part of the Weifang Sime Darby Liquid Terminal.
It is expected to provide the port with additional storage and usage facilities for bulk oil and chemicals.
The second phase of the terminal will include a maximum storage capacity of 91,000m³ and scheduled to be operational by October.
The third and final phase is currently under construction and will add 164,000m³ of capacity to the port.
It is expected to be completed by the first half of 2019.
Weifang Sime Darby Liquid Terminal vice-chairman Timothy Lee Chi Tim said: “The terminal is part of our CNY2.8bn ($420m) master expansion plan, which will put Weifang Sime Darby Port on the roadmap to achieving our aim of becoming a significant multi-purpose port in the Northeast Asian region.
“The launch of our liquid terminals is timely to capture the growing market for crude and refined oil, as well as chemicals in China.
“These commodities have benefitted from the gradual liberalisation of import and export policies in China.”
Weifang Sime Darby Liquid Terminal is a joint venture (JV) company under equal ownership of Sime Darby Overseas (HK) (SDOHK) and Dragon Crown Group Holdings.
The JV is expected to construct, manage and operate all phases of Weifang Port's new liquid terminal facility.