The board of directors of Qingdao Port International Co., Ltd. announced that on 29 June 2018, the Company entered into a joint venture agreement (the “JV Agreement”) with PetroChina Fuel Oil in relation to the establishment of the JV Company, Qingdao PetroChina Storage Company Limited. The JV Agreement shall take effect on the date of signature by the legal representatives or authorized representatives of both parties and sealing with official seal or special seal of contract. The scope of business is Storage, stevedoring and transmission of oil products including crude oil, fuel oil, diluted asphalt and wax oil. The capital contribution of PetroChina Fuel Oil and the Company shall be RMB 153,000,000 and RMB 147,000,000, respectively.
