Zhoushan becomes one of world's largest oil supply ports

An oil tanker refuels a cargo ship in Zhoushan, Zhejiang province on Aug 14, 2018. [Photo/IC]

The supply of bonded bunker fuel oil in Zhoushan, where China (Zhejiang) Free Trade Zone (Zhejiang FTZ) is located, reached 3.59 million metric tons in 2018, making it one of the world's top 10 oil supply ports, recently released statistics from the Zhejiang FTZ show.

Based on the island city's superior geographical location, good storage conditions and deep-water shorelines, Zhoushan founded a supply center for bonded bunker fuel in 2014. With the support from government departments at all levels, a number of innovations and breakthroughs have been made, as well as a set of standards for the center's operations.

In order to make the oil supply market more competitive, Zhoushan has given admittance to seven companies to the market, greatly enhancing the competitiveness of the market compared to previously, when only five companies were involved in the sector.

Over the past five years, with the focus on building the refueling center of bonded bunker fuel in Northeast Asia, Zhoushan has ascended from seventh position to No 1 in the nation in terms of the volume of oil supply, to become one of the world's largest oil supply ports.