Zhoushan is ready to cooperate with China COSCO Shipping Co in building itself into the low-sulfur bunker fuel hub of Northeast Asia, local media have reported.
Both sides reached a consensus on the collaboration at a panel discussion in Zhoushan in late July.
They also agreed upon specific tasks such as building a low-sulfur bunker fuel production base and a large company for bunkering businesses in Zhoushan.
"We must speed up efforts to build the low-sulfur bunker fuel production base and turn our city into a Northeast Asian hub of such fuel as soon as possible," said Ma Guohua, deputy director of the administrative committee of the China (Zhejiang) Pilot Free Trade Zone.
The move is a response to the regulations of both the International Maritime Organization and the Chinese government on limiting the sulfur content in bunker fuels in recent years, said Huang Xiaowen, vice general manager of China COSCO Shipping Co.
Zhoushan, with an advantageous location near international channels, abundant port resources, and sound supporting policies, is a perfect place to be developed into a world-class low-sulfur bunker fuel center like Singapore, added Huang.
China COSCO Shipping Co, a large state-owned enterprise, ranks first globally in several aspects, including its total fleet capacity, throughput of its container terminals and global bunker fuel supply.
Zhoushan authorities and China COSCO Shipping Co have a panel discussion in Zhoushan late July, on jointly building Zhoushan into the low-sulfur bunker fuel center in Northeast Asia. [Photo/ china-zsftz.gov.cn]