Zhejiang Petroleum & Chemical Co (ZPC) in Zhoushan, East China's Zhejiang province has been included in the provincial "Eagle Action" plan, local media reported on Dec 20.

The program is aimed at cultivating new economy companies with high-competitiveness, high international market share, and strong innovation capabilities that are mainly involved in ecological petrochemical engineering, vehicle manufacturing, digital economy, high-end equipment, pharmaceutical chemicals, and fashion products.

By 2022, 20 companies are expected to produce more than 100 billion yuan ($15.29 billion) in annual revenue and six are expected to make the Global Fortune 500.

Founded in 2015, ZPC is a mixed-ownership company in which private capital holds the majority of shares.

The first phase of ZPC's refining-chemical integration project, with an annual production of 40 million metric tons, has been put into operation in the China (Zhoushan) Pilot Free Trade Zone and is expected to boost ZPC's operating revenue to 100 billion yuan ($15.28 billion) in 2021, laying a solid foundation for it to grow into a world-class company.

The second phase of the project is currently under construction and is expected to have an annual crude oil processing capacity of 20 million tons and an annual arene and ethylene production capacity of 6.6 million tons and 2.8 million tons respectively.