The port area in Aoshan Island, Zhoushan, East China's Zhejiang province, the largest oil reserve base in China [Photo/IC]

Zhejiang Wuchan Zhongda Oil Co, a non-State-owned oil trader in China (Zhejiang) Pilot Free Trade Zone (FTZ), Zhoushan, East China's Zhejiang province was recently approved by the Ministry of Commerce to import crude oil from other countries, which makes it the first company in the zone and the entire province to have the qualification for non-State crude oil import. 

The move is of great significance to Zhejiang FTZ in its construction of an oil and gas industrial chain and an international oil trade center.

The construction of an oil and gas industrial chain has been a top priority of the zone since its establishment in 2017, when the State Council announced the plan of relaxing the limit on the quota of oil imports in the zone and allowing two to three local companies to import crude oil.

In addition to the Wuchan Zhongda company, a joint venture between Zhejiang Provincial Petroleum Co and Glencore, a large global bulk commodity trader, has been established and is currently applying for the qualification for non-State crude oil import.

The oil refining-chemical integration project of Zhejiang Petrochemical Co has also obtained the import quota of nine million metric tons of crude oil. 

Statistics show that Zhejiang FTZ hit 221.3 billion yuan ($33.02 billion) in oil trade last year, up 237 percent year on year, with an additional 1,998 oil companies settling in the zone.

Jiu Hua San, a Singaporean oil tanker discharges 262,000 metric tons of crude oil at the Shihua Dock in Zhoushan, East China's Zhejiang province on Jan 13. [Photo/IC]