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Oil and gas industry of Zhoushan area of Zhejiang FTZ sees healthy development

Updated : 2022-04-11 (chinadaily.com.cn)


The Xin'ao Zhoushan LNG receiving station receives its 100th LNG carrier in October last year. [Photo/WeChat account: china-zjftz]

The Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone in Zhejiang, East China's Zhejiang province has been focusing on the development of oil and natural gas industry since its founding in 2017.

Over the past five years, the green petrochemical base in Zhoushan has became the largest refining-chemical integration project in the country after its second phase was completed at the end of 2021.

Zhejiang Petroleum and Chemical Co Ltd, the operator and investor of the green petrochemical base, processed 26.52 million metric tons of crude oil and generated 139 billion yuan ($21.84 billion) in revenue last year, up 14.8 percent and 85.8 percent year-on-year.

Zhoushan now has the largest oil product storage and transportation base and the largest liquefied natural gas receiving center in the country.

Zhoushan currently has 41 oil and gas storage and transportation centers. In 2021, the oil and gas throughput of the city amounted to 132.52 million tons, a year-on-year increase of 3.95 percent.

As more LNG receiving stations will be constructed in the city, Zhoushan will not only supply LNG to the Yangtze River Delta region, but also to Anhui, Jiangxi and other provinces along the river.

The Zhejiang International Oil and Gas Trading Center in Zhoushan currently has 2,250 members from around the world, including Trafigura.

The center is expected to have more than 3,000 members and an annual trading volume of 700 billion yuan by 2025.