Zhejiang FTZ makes strides in oil, gas development

The refining-chemical integration project of Zhejiang Petrochemical Co at the Zhoushan Green Petrochemical Base receives its first vessel of crude oil on Aug 23. [Photo/WeChat account:china-zjftz]

China (Zhejiang) Pilot Free Trade Zone (FTZ) in Zhoushan has seen remarkable progress made over the past year in the development of its whole oil & gas industrial chain. 

The refining-chemical integration project of Zhejiang Petrochemical Co (ZPC) at the Zhoushan Green Petrochemical Base, worth 173 billion yuan ($25.3 billion), has been nearly half completed, with the first phase entering the final stage by the end of 2018, achieving a 20-million-metric-ton annual oil refining capacity. 

With the second phase to be completed in 2020, the project is expected to generate an annual oil refining capacity of 40 million tons. 

ZPC, a non-state oil refinery in Zhejiang FTZ, also gained the approval of China's Ministry of Commerce on July 30 to import five million tons of crude oil for oil production and processing in 2018. 

Supportive infrastructure construction made a great leap forward in this period. The 220-kilovolt power transmission and transformation project entered operation in September and the Yushan Bridge was completed on Dec 31, facilitating the power supply and transportation in the base. 

In addition, Zhejiang FTZ's liquefied natural gas (LNG) industry is booming, with the first phase of its ENN Zhoushan LNG Import Terminal, which has an annual capacity of handling 3 million tons of LNG, starting operation in October,. 

The second phase of the project commenced construction in late December and is expected to be completed in 2021. It will increase the annual capacity to 10 million tons.

The ENN Zhoushan LNG Import Terminal enters commercial operation on Oct 19 after two months of trials. [Photo/WeChat account:china-zjftz]