Zhoushan and Ningbo in East China's Zhejiang province have recently been designated as core areas for the development of the petrochemical and new materials industries in Zhejiang, according to a recent work plan released by the provincial government.

The work plan states that by 2025, the annual output value of refining-chemical integration and the new materials industrial chain in Zhejiang should reach 1.8 trillion yuan ($265.43 billion).

Zhejiang, which has a strong chemical industry, has long been a hub for chemical companies in South China and leads the development of the region's chemical industry.

In Zhoushan, a 1-trillion-yuan petrochemical industrial cluster is currently taking shape.

The 173-billion-yuan refining-chemical integration project being carried out by Zhejiang Petroleum and Chemical Co Ltd in Zhoushan is the largest in China and fifth largest in the world. It has an annual processing capacity of 40 million metric tons.

In addition, provincial government issued a policy in July this year to support the open development of the oil and gas industrial chain in the China (Zhejiang) Pilot Free Trade Zone (FTZ), which is located in Zhoushan.

Both private and foreign-invested companies are encouraged to take part in oil and gas storage projects, and internationally-renowned companies are allowed to take part in refining-chemical integration projects.

By 2025, the Zhejiang FTZ is expected to house more than 1,000 foreign-invested companies and a total of 50,000 companies, including 12,000 oil and gas companies.

Moreover, by 2025, the total value of foreign trade in the FTZ is expected to increase to 350 billion yuan, while 600 billion yuan in oil products are expected to be traded.

The 173-billion-yuan refining-chemical integration project in Zhoushan is the largest in China and the fifth largest in the world. [Photo/WeChat account: china-zjftz]