A model LNG bunker vessel from Zhoushan, East China's Zhejiang province, is showcased at the 5th CIIE in Shanghai. [Photo/Zhoushan Daily]

Zhejiang Petroleum & Chemical Co Ltd in Zhoushan, East China's Zhejiang province, signed a 5.3-billion-yuan ($733.26 million) deal with Saudi Arabian Oil Company at the 5th China International Import Expo in Shanghai on Nov 5.

According to the deal, the company will import 1.08 million metric tons of crude oil from Saudi Arabia, which will be key to the company's industrial output value.

The company processed 26.52 million tons of crude oil and generated an output value of 139 billion yuan in 2021.

The company also signed cooperation agreements with Honeywell International and LyondellBasell at previous CIIEs, greatly improving its manufacturing techniques and optimizing Zhoushan's foreign trade structure, according to a representative of the company.

In addition, Zhoushan's economic achievements such as establishing the China (Zhejiang) Pilot Free Trade Zone and a model LNG bunker vessel, are displayed at the expo.