In the first 11 months of 2019, the turnover of oil products in China (Zhejiang) Pilot Free Trade Zone (FTZ) exceeded 324 billion yuan ($46.2 billion), according to official data released recently.
The number of newly registered enterprises in Zhejiang FTZ amounted to 6,232 with a total registration capital of nearly 124 billion yuan in this period. Of those new enterprises, 2,677 are engaged in the oil industry, a year-on-year increase of 35.6 percent.
The zone, located in the city of Zhoushan, East China’s Zhejiang province, mainly focuses on commodity investment facilitation and trade liberalization, with the oil industrial chain as its core. It is the only free trade zone in the country that includes islands and sea areas.
Projects worth more than 122 billion yuan, which are being funded mainly by private enterprises, have been promoted in the Zhoushan Green Petrochemical Base in the first 11 months in order to develop the industrial chain for oil and gas industries in the city.