IMC Group of Singapore, a leading international group dedicated in bulk cargo and oil transportation, has signed an outline deal with the Qingdao municipal government to build a 400,000 t/y iron ore dock in Dongjiakou port area, Jiaonan City for $350 million.

The port area, boasting a nature coastline of 29 kilometers, has invited a total investment of more than 30 billion yuan since this May with the number of projects valued at 100 million yuan each surpassing ten, and will complete a infrastructure investment of 12 billion yuan, create jobs of more than 200,000 and shape a throughput of up to 50 million tons per year in the next three to five years.