The Zhejiang FTZ is directed to refuel 6 million metric tons of bunker fuel oil in 2021. [Photo/WeChat account: china-zjftz]

Zhoushan in East China's Zhejiang province made plans to develop the China (Zhejiang) Pilot Free Trade Zone over the next five years at the 10th Plenary Session of the Seventh CPC Zhoushan Municipal Committee held on Dec 23, local media reported.

The Zhejiang FTZ was directed to make significant progress in the construction of an international oil product trading center, an international maritime service base, an international oil product storage and transportation base, an international petrochemical base, and a demonstration zone for the internationalization of the renminbi in bulk commodity cross-border trade.

The construction of a world-class service base for oil and gas trade, processing, storage, transportation, and integration into the Yangtze River Delta are two of Zhoushan's 12 tasks for the following five years.

The Zhejiang FTZ is expected to win national recognition as a free trade port, build a demonstration zone for maritime cooperation between Zhejiang and Shanghai, and promote coordinated development with the Hangzhou, Ningbo, and Jinyi areas of the Zhejiang FTZ.

The Zhoushan government also set specific goals for the Zhejiang FTZ in 2021. It has been directed to trade 800 billion yuan ($122.46 billion) in bulk commodities and 600 billion yuan in oil and gas, refuel 6 million metric tons of bunker fuel oil, process 30 million tons of crude oil, store and transport 36 million cubic meters of oil products, receive 5 million tons of liquefied natural gas, and handle 110 billion yuan in cross-border RMB settlements.