Zhejiang FTZ signs major deals with Singapore

Representatives from Zhejiang and Singapore sign important business deals at the 14th Meeting of the Zhejiang-Singapore Economic and Trade Council held in Hangzhou, capital of the province on June 25. [Photo/zj.zjol.com]

The China (Zhejiang) Pilot Free Trade Zone in the city of Zhoushan in Zhejiang province recently boosted its commercial links with Singapore, by signing three big deals with the country in the oil and gas, marine technology and the maritime services sectors.

The deals were struck at the 14th Meeting of the Zhejiang-Singapore Economic and Trade Council held in Hangzhou, capital of the province, on June 25.

They focus on the treatment of oil sludges, artificial intelligence technology in the marine industry, and environmentally-friendly ship repair technology. 

The oil sludge project, in particular, was worth 550 million yuan ($80 million). It aims to establish two processing lines in Liuheng town, with an annual capacity for treating 100,000 metric tons of oil sludge and waste paint buckets, officials said.

The project is also expected to produce 20,000 tons of by-product oil and 5,000 tons of iron upon completion, and generate an annual output of more than 300 million yuan, officials added.

"As a world-leading ship repair hub, Zhoushan now produces 80,000 to 100,000 tons of oil sludge every year, and the figure is estimated to exceed 150,000 tons in 2020," said a local official in Liuheng town. 

Zhejiang FTZ is China's only free trade zone focusing on the oil and gas industry. It has been seeking business cooperation with Singapore, a world-renowned free trade port, since it was established more than two years ago. 

Leading members of the council reached consensus to drive bilateral cooperation to support the development of Zhejiang FTZ at the meeting.  

The gathering, attended by more than 250 representatives -- from governments, companies, institutions and universities from Zhejiang and Singapore -- heard about the council's achievements in promoting bilateral cooperation in the petroleum industry, as well as in maritime services, tech innovation, tourism, finance and urban development.

Altogether 15 key projects worth more than 11 billion yuan between Zhejiang and Singapore were inked, covering maritime services, urban planning, environmental protection, cross-border e-commerce and education, among other things.