On January 2, a signing ceremony was held in Jinan to formalize a strategic cooperation framework agreement between the Shandong Provincial Government and China National Offshore Oil Corporation (CNOOC). This partnership marks a significant step toward enhancing collaboration between the province and one of China's leading energy companies. Under the agreement, Shandong will work closely with CNOOC to integrate local oil refining enterprises, port terminals, oil and gas pipeline networks, urban gas distribution systems, and refined oil sales channels. The initiative aims to strengthen cooperation in infrastructure development, logistics, and energy supply chain optimization.
As part of the agreement, CNOOC Refining and Chemical Company has announced plans to invest in a major project in the Dongying Port Economic Development Zone. This includes the construction of crude oil and refined oil storage facilities, as well as a large-scale logistics park. Additionally, the company intends to develop a 30-square-kilometer industrial park within the Lingang Industrial Zone of Dongying Port. This industrial hub is expected to serve as a base for crude oil and refined oil storage, integrated refining and chemical production, fine chemical manufacturing, and professional service and offshore engineering operations in the Bohai Oilfield region.
The collaboration is seen as a key move to boost regional energy security, promote industrial upgrading, and support sustainable economic growth in Shandong. With its strategic location and growing energy demands, the province is positioning itself as a critical player in China’s energy sector. This partnership not only strengthens CNOOC’s presence in the region but also opens up new opportunities for innovation, investment, and long-term development in the energy industry.
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