Deputy mayor Han Jun said China’s Zhoushan archipelago aims to expand oil storage, (including commercial and government reserves), by nearly two thirds over the next five years.
Zhoushan plans to add 18 million tonnes of oil tank farm by 2025, in addition to the 27.9 million tonnes it already produces.
The city is among Beijing’s top picks to build free trade zones with a goal of becoming a regional trading and storage hub for oil, gas and other commodities.
It is where privately controlled mega refinery and petrochemical complex Zhejiang Petrochemical Corp is located and also adjacent to several large state-run refineries – in Zhenhai and Shanghai owned by refining giant Sinopec Corp.
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