A ceremony for commencing the construction of major projects was held on Feb 28 at 10 venues in East China's Zhejiang province, and Zhoushan was one of them. 

Construction on a total of 12 key projects of the city, worth 10.48 billion yuan ($1.57 billion), got underway at the same time.

Trucks and cranes stand by to commence project construction at the Zhoushan Zhongji Chemical Engineering Co in Dinghai district, Zhoushan, East China’s Zhejiang province on Feb 28. [Photo/zj.zjol.com] 

They focus mainly on advanced manufacturing, key infrastructure, modern services and people's livelihood, areas that play an important role in boosting the city's economic development. 

For example, the 900,000-cubic meter oil storage project of the Zhoushan Zhongji Chemical Engineering Co, worth 1.28 billion yuan, is expected to handle 1.6 billion yuan of oil transportation and storage businesses every year, with annual revenue of 106 million yuan and an annual profit of 65 million yuan.

"The project is for the storage of crude and refined oil, and is the largest expansion project in China conducted by a private oil storage company. It will help enhance the bonded oil storage capacity of the China (Zhejiang) Pilot Free Trade Zone (FTZ)," said Guo Zhiyuan, a manager on  the project. 

Another notable project is the second phase of the ENN Zhoushan LNG Import Terminal, a liquefied natural gas (LNG) import terminal invested in by ENN Group, a private-owned Chinese gas distributor. It will generate annual sales of 10 billion yuan after completion, strengthen the LNG supply in the province and drive the construction of a whole oil and gas industrial chain in Zhejiang FTZ.

A concept map of the second phase of the ENN Zhoushan LNG Import Terminal [Photo/zj.zjol.com]