Over $5b in investments secured at Zhoushan's intl petroleum conference

The Zhoushan Green Petrochemical Base in Zhoushan, Zhejiang province. [Photo/WeChat ID: zjzsqdxq]

At the 7th International Petroleum and Natural Gas Enterprises Conference, 18 major projects totaling 39.5 billion yuan ($5.55 billion) were signed, marking a significant step forward in Zhoushan's high-quality development.

These projects span key industries such as petrochemical new materials, oil and gas logistics, oil and gas trade, grain and oil processing, maritime services, and port logistics.

Highlights include a polyolefin special materials project in Liuheng Island with a total investment of 6.9 billion yuan, an aramid fiber production project in Daishan county with a total investment of 2 billion yuan, and a polydextrose production line in Dinghai district of 1 billion yuan.

A notable agreement was signed between the Zhoushan Municipal Government and China Merchants Energy Shipping Co, focusing on digitalizing shipping trade, enhancing international maritime services, and optimizing shipping operations, which aims to bolster Zhoushan's development as a hub for bulk commodity resource allocation.

GreenTek Innovation Inc signed a 100,000-metric-ton-per-year bio-based polyethylene furanoate production facility in Daishan with a total investment of 1 billion yuan. Once completed, it is expected to be the world's largest polyethylene furanoate factory. The company is currently preparing to establish a pilot production line.

Hsu Youzheng, founder and chairman of GreenTek Innovation Inc, said that Zhoushan is nationally renowned for its seafood, and there is a significant opportunity for collaboration between the seafood packaging sector and the polyethylene furanoate industry.

The 7th International Petroleum and Natural Gas Enterprises Conference takes place in Zhoushan, East China's Zhejiang province from Oct 16 to 18.