Qingdao Port halts Rizhao oil terminal acquisitions over US list

Qingdao Port International Co., Ltd. has decided to terminate its proposed cash acquisition of 100% equity in Rizhao Port Oil Products Terminal Co., Ltd. and 50.00% equity in Rizhao Shihua Crude Oil Terminal Co., Ltd. The decision was reached after consultation with relevant parties, with a termination agreement signed with Rizhao Port Group on December 12, 2025.

The company’s board of directors initially approved the acquisition on February 21, 2025, with shareholders further approving adjustments to the restructuring plan on March 28, 2025. However, the transaction was terminated because Rizhao Shihua was placed on a "specially designated national list" by the United States, which could significantly impact the target companies' operations.

Qingdao Port International stated that the termination of this transaction will not result in any breach of contract or other liabilities, nor will it harm the company's and its shareholders' interests. The company anticipates no adverse impact on its production, operations, or financial condition.