The Zhejiang Pilot Free Trade Zone (FTZ) located in Zhoushan is inaugurated in April 2017. [Photo/WeChat account: china-zjftz]

The Zhejiang Pilot Free Trade Zone (FTZ) located in Zhoushan has performed well when it comes to oil and gas storage, transportation, and processing as well as marine services since it began operations over the past three years.

Zhejiang FTZ boasts a solid industrial foundation in oil and gas storage, transportation, and processing and bonded fuel oil supply.

The refining-chemical integration project being carried out by Zhejiang Petroleum and Chemical Co Ltd in the FTZ is the largest in China and the fifth largest in the world, with an annual processing capacity of 40 million metric tons.

The scale of bonded fuel oil supply in the FTZ ranks first in China and eighth in the world.

In addition, to take advantage of the strong supervision and limited risks of the FTZ's offshore islands, Yushan Island is constructing a world-class eco-friendly petrochemical base, while six other islands, including Shulanghu, Huangzeshan, and Shuangzishan, are focusing on the storage and transportation of large oil products.

The FTZ currently houses more than 160 marine service suppliers involving international shipping supply, ship management, shipping technology, oil product testing, and maritime arbitration.

It piloted integrated marine services at anchorage ground and offered foreign ships $2.2 billion worth of supplies in 2019, a year-on-year increase of 107 percent.

Moreover, maritime disputes involving foreign interests can now be settled in the FTZ.

Moving forward, the Zhejiang FTZ will further open up to the outside word by encouraging international strategic investors to invest in oil product projects and allowing overseas oil and gas companies to enter the bulk commodity spot market for trade.