MAOMING KING MING PETROLEUM CO., LTD. was established in 1993, jointly funded by Sinopec Group, Hong Kong and Singapore companies. A 250,000-ton CALM (Catenary Anchor Leg Mooring System) was firstly introduced in China by our company, providing crude oil transfer service for Maoming Petrochemical Refinery with a 20-year term.
After the first phase of cooperation,Sinopec Asset Management Co., Ltd. and Hong Kong Kingsleigh Petroleum Limited agreed to extend the contract for another 20 years. Later, the Maoming New King Ming Petroleum Co., Ltd. (hereinafter referred to as "New King Ming Company") was established with a registered capital of 320 million RMB on November 25th, 2013. New King Ming Company continues the operation of 300,000-ton single point mooring facilities at Maoming Port and provide SPM technical services.
In 2016, for the purpose of conducting the Maoming 300,000-ton SPM submarine pipeline safety and risk management project, the New King Ming Company self-fundedand constructed a new submarine pipeline, and the company's registered capital increased to 620 million RMB after the shareholders’ raise in capital investment. New submarine pipeline was completed and put into service on May 19, 2017. As the pipe diameter increased, Maoming SPM unloading speed was almost doubled, and the transfer capacity has been greatly improved, reaching 20 million tons per year.
Being the main channel for crude oil transportation in Maoming Petrochemical Company, Maoming SPM has maintained a good safety and environmental protection production record since it was put into operation in 1994. To adapt to the development and changes of the main transportation tanker ship type, in 2006 we upgraded the capacity of Maoming SPM from 250,000 tons to 300,000 tons. Till the end of December 2020, Maoming SPM has berthed more than 1,200 tankers, and has offloaded approximately 240 million tons of crude oil, which has contributed to Maoming Petrochemical's building into a world-class large-scale refining and chemical integration enterprise and petrochemical industry base.
Looking forward to the future, New King Ming Company will strengthen its existing business, vigorously promote the single point mooring technology, and continue to provide SPM technical consulting services, seizing the opportunity of domestic refining and chemical enterprises single point mooring facilities development and international cooperation via “one Belt one Road ”, giving full play to the company's advantages in SPM operation and management, striving to explore new business areas, and to build a domestic first-class SPM technology service company.
