File photo [Photo/Wechat account of the China (Zhejiang) Pilot Free Trade Zone] 

With deepened cooperation with the Shanghai Futures Exchange, the China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan, East China's Zhejiang province has seen much progress made in its oil futures business over the past year.

Zhejiang FTZ handled the nation's first crude oil futures delivery business in Sinopec Zhoushan's oil depot in Cezi Island last September, and undertook China's first business in 380CST bonded bunker fuel futures last November. 

This was followed by the zone’s handling a 48,000-ton 380CST bonded bunker fuel futures contract, also the first of its kind in China, in Sinochem Xingzhong's oil base in Aoshan Island, strengthening its role as an important area for Shanghai Futures Exchange's crude oil and bunker fuel features delivery.

The zone now houses three warehouses designated by the Shanghai Futures Exchange for crude oil delivery and another three for bunker fuel delivery. 

It has also promoted training and exchanges with the Shanghai Futures Exchange, sending two professionals there for three to six months of communication and cooperation on a regular basis.