An international ship is refueled at Zhoushan Port. [Photo/WeChat account: china-zjftz]

The value of online oil and natural gas trading in the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone in the first two months of this year surged 365.9 percent year-on-year to hit 21.15 billion yuan ($3.32 billion).

This surge has been attributed to the increase in oil prices as well as the derivative trading and online bidding of more than 10 kinds of products, including gasoline, available at the Zhejiang International Oil and Gas Trading Center in the Zhoushan area.

As the first area in Zhejiang to receive approval for the establishment of a free trade zone, the Zhoushan area of the Zhejiang FTZ has always been focused on making investments in bulk commodity more convenient and trade more liberal.

In the Jan-Feb period this year, the Zhoushan area traded 150 billion yuan in bulk commodity, including 130 billion yuan in oil and natural gas.

The Zhoushan area has attached importance to the construction of an international maritime service base. It has provided $520 million worth of supplies to international ships, offered 873,000 metric tons of bonded bunker oil, and generated 850 million yuan in the maintenance of international ships in January and February.

The Zhoushan area has also piloted cross-border renminbi settlement. In the first two months of the year, its cross-border RMB settlement of bulk commodity totaled 800 million yuan, a year-on-year increase of 207.07 percent, including 654 billion yuan in oil and gas.