Dinghai district in Zhoushan, East China's Zhejiang province, recently secured an oil and gas project worth 5.09 billion yuan ($775.01 million), local media reported.

The project is invested by Shenzhen-based Yantian Port Group, specialized in investment, construction, and operation of ports as well as logistics.

Yantian's project in Dinghai includes the construction of an oil storage and transportation base and oil product wharves on Waidiao Island and will expand the business to oil and gas purchase, sale, offshore oil supply, and more.

"Dinghai will leverage its advantages in marine economy to develop fuel oil and gas, grain and cooking oil, and distant-water fishing industries in a bid to achieve high-quality development," said a senior official from the district.

Another key project in Dinghai is the oil storage and transportation project invested by Zhoushan-based Zhongji Chemical Co.

With an investment of 1.28 billion yuan, the project is expected to deliver 9 to 10 million metric tons of oil products per year and offer offshore oil supply service to Shanghai, Ningbo, Zhoushan port areas and other port areas in the Yangtze River Delta.

Dinghai boasts a sound oil and gas industry foundation as it has a storage capacity of 12.9 million cubic meters of oil products, 13 10,000-ton or above oil product wharves, and three oil products pipelines.

The Zhoushan International Grain and Oil Industrial Park in Dinghai is accelerating its planning and construction of container wharves. During the 14th Five-Year Plan period (2021-25), the industrial park is expected to build a container berth and introduce two logistics companies worth more than 100 million yuan.