The vessel IMARINE PEARL departed from the Qingdao Port of Shandong Port Group (SPG) on Dec 4, marking the establishment of a new supply chain for an integrated service system.

The so-called "bonded crude oil blending + re-export" supply chain was invented by Qingdao Port.

Under the supervision of Dongjiakou Port customs, the IMARINE PEARL vessel was loaded with 89,000 metric tons of bonded blended crude oil from the D23 berth in the Dongjiakou Port area of Qingdao Port.

In February 2020, Qingdao Port became the first coastal port in China to be able to blend bonded crude oil.

Dongjiakou Port customs then provided policy and technical guidance for this business, formulating targeted service measures for customs declaration, clearance and settlement. Qingdao Port Oil Port Company also established a dedicated team to formulate crude oil blending and ship arrival operation plans.

The successful implementation of this new business model has enhanced the competitiveness of the bonded spot crude oil market and stimulated market aggregation advantages.

It has also provided a template for accelerating the creation of new business models, promoting the expansion of the crude oil supermarket of Qingdao Port, and strengthening the link between domestic and foreign markets.

The vessel IMARINE PEARL is docked at the Qingdao Port, which belongs to the Shandong Port Group. [Photo/WeChat account: Shandong-Port]