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Zhoushan maintains double-digit increase in bonded oil supply

Updated : 2021-04-12 (chinadaily.com.cn)

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Zhoushan provided more than 1.18 million metric tons of bonded bunker oil in the first quarter of this year, a year-on-year increase of 19.14 percent. [Photo/WeChat account: china-zjftz]

The bonded bunker oil supply from Zhoushan in East China's Zhejiang province maintained double-digit growth in the first three months of this year, local media reported on April 9.

The city provided more than 1.18 million metric tons of bonded bunker oil in the first quarter of this year, a year-on-year increase of 19.14 percent.

Since the China (Zhejiang) Pilot Free Trade Zone started operating in 2017, Zhoushan's bonded bunker oil supply amount has surged from nearly 1 million tons in 2016 to more than 4.72 million tons in 2020, making the city the largest supplier in China and eighth largest in the world.

In September 2020, the Zhejiang FTZ was expanded to include three new areas - Ningbo, Hangzhou and Jinyi and announced the creation of three calling cards – digital FTZ, FTZ featuring oil and gas industry, and pivotal FTZ.

In the following five years, Zhejiang will further its construction of a full oil and gas industry chain and promote cooperation in this field between Zhoushan and Ningbo.

By 2025, oil product storage capacity, oil refining capacity, and oil and gas trading volume are expected to exceed 70 million tons, 70 million tons and 1 trillion yuan ($152.46 billion) respectively in Zhejiang FTZ.