Experts share their ideas on the oil industrial chain at a forum in Dinghai district, Zhoushan, East China's Zhejiang province on May 20. [Photo/zj.zjol.com] 

A forum focusing on the oil industrial chain was held in Dinghai district, Zhoushan, East China's Zhejiang province on May 20.

Industrial leaders and scholars joined local authorities, petrochemical industries and financial institutions to discuss recent trends in oil industry, oil-focused policies in the China (Zhejiang) Pilot Free Trade Zone (FTZ), and the prospect of building an oil industrial chain in Dinghai.

Wu Jun, vice secretary-general of the Shanghai Petroleum Products Trading Industry Association, predicted that the Asia-Pacific region will be the largest energy import market within the next two decades, while the Americas will be the largest export market. 

Wu further predicted that China will maintain its position as the world's largest crude oil importer for the foreseeable future due to the stable increase in domestic oil consumption, and will become a global oil trade and processing hub.

Quan Yongbo, director of the economy and management department of Zhejiang Ocean University, predicted that low-sulphur bunker fuel will become the mainstream fuel in the future due to limits on fuel sulphur content put in place by the International Maritime Organization last year, which will come into effect in 2020. 

In Quan's view, China boasts a huge potential for bunker fuel supply and will become Asia's bunker fuel supply hub.

According to analysis from China Marine Bunker Supply Company, China will have a total supply of as many as 13 million metric tons of bonded oil in 2020, among which low-sulphur bunker fuel and marine diesel oil will make up 80 percent. 

Dinghai district has been committed to developing its oil trade since the Zhejiang FTZ was established two years ago. It now boasts an oil storage capacity of more than 26 cubic meters, and houses many industry-leading companies such as Sinopec and China National Offshore Oil Corporation. 

It has also built many large wharves for oil trade, such as a 450,000-ton wharf in Cezi Island and a 300,000-ton wharf in Waidiao Island.

As for the future of oil development in Dinghai, Wu Jun suggested that the district could focus on providing advanced supporting services for bunker fuel supply, taking advantage of the integration of the Yangtze River Delta region to develop itself into the region's oil trade hub, and tapping into other areas such as environmental protection to form a new competitive edge.