A view of the Zhoushan eco-friendly petrochemical base. [Photo/WeChat account: china-zjftz]

Zhejiang Petroleum & Chemical Co Ltd in Zhoushan, East China's Zhejiang province generated 103.3 billion yuan ($16.22 billion) in the first 10 months of the year, making it the first company of its kind to do so in the city, local media reported on Dec 1.

The company, which operates the Zhoushan eco-friendly petrochemical base, was established in 2015 in two phases.

The first phase, which was put into operation in 2019, processes 20 million metric tons of crude oil as well as produces 5.2 million tons of arene and 1.4 million tons of ethylene every year.

The second phase is expected to be put into service by the end of this year and will process 20 million metric tons of crude oil as well as produce 6.6 million tons of arene and 2.8 million tons of ethylene every year.

After the second phase starts operating, the Zhoushan eco-friendly petrochemical base will become the fifth largest in the world and have an annual crude oil processing capacity of 40 million tons.

In 2020, the Zhoushan eco-friendly petrochemical base processed 23.06 million tons of crude oil, generated 74.8 billion yuan in output value, and invested nearly 38.75 billion yuan in fixed assets.

The actual utilization of foreign capital by the petrochemical base totaled $40 million and its foreign trade value amounted to 48.04 billion yuan, accounting for 32 percent of Zhoushan's total amount.

By 2025, the industrial output value of the Zhoushan eco-friendly petrochemical base will reach 250 billion yuan.