E China pilot FTZ opens up oil, gas industry chain

The Ministry of Commerce will foster the opening-up of the oil and gas industry chain in East China's Zhejiang Pilot Free Trade Zone (FTZ).

A slew of measures will be taken to introduce international strategic investors in oil trade, accelerate the transformation and upgrading of the petrochemical and refining industry, and enhance the market-oriented allocation capability in oil circulation, said the ministry at an online press conference.

The opening-up focused on major links in the oil and gas industry chain such as trade, storage, transportation, processing and circulation as well as financial and taxation policies.

The Zhejiang pilot FTZ was established to export refined oil, and qualified refining and chemical integration enterprises in the FTZ were the first to begin exporting.

More efforts will be made to promote the development of the liquefied natural gas and clean energy industry, improve the supply of low-sulfur fuel oil and strengthen the marine environment to achieve healthy and sustainable development.

Local data showed 6,000 oil and gas enterprises have been registered in the pilot FTZ, with 320 billion yuan (about $45.22 billion) of oil products trade in 2019.