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China's Qingdao Port, the country's largest crude oil transfer base located in the Shandong Peninsula, Shandong Province, is set to begin operating an international transfer center for marine fuel oil, according to China Daily.

Leading marine fuel supplier China Marine Bunker (PetroChina) Co. Ltd., a joint venture between PetroChina and China Ocean Shipping (Group) Co (COSCO), is reported to have invested 170 million yuan (US$ 24.9 million) and Qingdao Port 200 million yuan (US$29.3 million) in the project.

According to the newspaper, the first stage of the project will include the construction of four 50,000 cubic metre bonded fuel oil tanks and other supporting transportation facilities.

The news follows reports in June that the company intends to team up with a local firm on Xiaohu Island, Guangzhou, to supply around one million tonnes of marine fuel per year.

PetroChina International Co Ltd. signed an agreement on June 22nd with the management committee of Nansha District to build South China's largest oil terminal on the same island.

According to the agreement, the new oil facility will have a storage capacity of 765,000 cubic meters (cbm) and a wharf with a loading capacity of 80,000 tonnes.

China Marine Bunker is reportedly planning to establish the marine fuel supply partnership with a local company on the island in order to provide bunkering services to vessels calling at the new terminal.