Petrobras opens bonded oil depot in China

The port of Qingdao in eastern China and Petrobras inaugurated a bonded crude oil deposit last Wednesday (06/26).

The tank, the first of its kind already built in a Chinese port, received 130,000 tons of crude oil from Brazilian tanker Maran Cleo, which arrived on Monday (June 24).

Petrobras has signed an agreement with the port of Qingdao to lease four oil tanks, with a total storage capacity of 400,000 cubic meters.

Thus, instead of buying a large amount of oil from abroad and taking risks of price fluctuation, Chinese refineries can now buy crude oil based on their needs directly in the port of Qingdao.

Currently, the port of Qingdao, China’s main import port for crude oil, has seven oil terminals and thirteen cribs, which can accommodate up to 450,000 fuel tanks.

Petrobras produced 110 million tons of crude oil last year, accounting for 82% of Brazil’s total crude oil production.

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