The Zhejiang branch of Bank of China will offer the China (Zhejiang) Pilot Free Trade Zone (PFTZ) 80 billion yuan ($11.68 billion) in loans over the next five years, local media reported on Aug 28.

The offer is one of the 15 financial services provided by the Zhejiang branch to bolster the real economy and improve financial and living services in the PFTZ.

The 80 billion yuan in loans is expected to support the oil and gas industry, including oil refining, bonded fuel oil supply, and oil and gas storage and transportation, as well as the construction of logistics and energy infrastructure.

The Zhejiang branch will provide traders of bulk commodities in the oil and gas industry with trade settlement, structured financing, and risk avoidance services.

It will also offer them investment and financing services such as bilateral loans, syndicated loans, bond financing, initial public offering services, equity investment services, fund investment services, and financial consultations. The bank can also provide small- and medium-sized companies in the oil and gas industry with customized financial services.

The Zhejiang branch can use its online financial platform to deal with things such as making an appointment to open an account, cross-border remittances, tax guarantee collection, and tax and fee payments.

The Zhejiang branch of Bank of China plans to offer the China (Zhejiang) Pilot Free Trade Zone (PFTZ) 80 billion yuan ($11.68 billion) in loans over the next five years. [Photo/zhoushan.cn]