The 14 fuel storage tanks with a combined capacity of 410,000 cubic meters built by Sinochem Xingzhong Oil Staging (Zhoushan) Co Ltd in Aoshan. [Photo/WeChat account: china-zjftz]

Construction of the sixth expansion project of Sinochem Xingzhong Oil Staging (Zhoushan) Co Ltd in Aoshan, Zhoushan, East China's Zhejiang province, was completed on April 23.

It took just 16 months to build the 660-million-yuan ($101.51 million) project, the fastest construction time among the company's projects in Aoshan, said Cheng Wentao, office director of the company.

According to Cheng, the expansion project includes 14 fuel storage tanks with a combined capacity of 410,000 cubic meters, bringing the total capacity of Xingzhong's Aoshan base to 2.97 million cubic meters.

In recent years, the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone has focused on the development of the oil and natural gas industries and it has witnessed a continuous increase in the bonded bunker oil supply.

Meanwhile, Xingzhong has also ramped up efforts to expand its bonded oil supply businesses and become a major bonded bunker oil supplier in East China.

The bonded bunker oil supply from Xingzhong has accounted for nearly 50 percent of the total in the Zhejiang FTZ over the past several years.

In the first quarter of this year, the oil product throughput of Xingzhong reached a record 10 million metric tons and the company received 529 oil tankers, a year-on-year increase of 25.9 percent.