CHINA's Shandong Port Group has opened Trafigura SPG International Trading Company in Singapore collaborating with Singapore-based commodity trader Trafigura.

The new company will be engaged in petroleum and liquefied natural gas business, as well as metallic mineral products trading services, reports UK's Seatrade Maritime News.

In April this year, Shandong Port Group and Trafigura Group inked cooperation agreement seeking for more collaboration opportunities.

Combining the advantages of supply chain services provided by Shandong Port Group and commodity trading and freight services offered by Trafigura Group, the new company aims to achieve CNY50 billion (US$6.9 billion) revenue annually, according to Shandong Port.

Shandong port is the largest trading port in north China, which currently operates over 370 production berths in 22 port areas. The port has opened up its first international regional office in Singapore earlier this year to expand service network in Southeast Asia.