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The China (Zhejiang) Free Trade Zone aims to develop itself into an international oil trading center, promote crude oil trading, allow crude imports and utilization quotas to 2 or 3 companies located in the Free Trade Zone, and support businesses for offshore, onshore and intermediary trading.
Following the wave of decentralization in the refining sector, the Chinese government has actively promoted the construction of large-scale integrated refining projects e.g. Zhejiang Petrochemical project (40 million tons/year) and several other integrated refining projects. It is projected that China’s annual refining capacity will hit over 900 million tons by 2020 and present significant business opportunities for the company.
The first phase of the largest oil storage and transportation transit base in northern sea area of Ningbo Zhoushan Port, Huang Ze Shan, has been put into operation. The existing system contains storage tanks with a total capacity of 1.51 million cubic meters, one 300,000 DWT and one 80,000 DWT crude oil terminals, and two 10,000 DWT refined oil terminals. The second phase of the project proposes to expand the storage capacity of 1.04 million cubic meters and is under construction since the end of 2020 and scheduled to be ready for operation by the end of 2022.
The Huangzeshan – Yushan submarine crude pipeline connecting Huangzeshan and Zhejiang Petroleum Chemical Yushan Island is scheduled to be completed by the end of 2022. Staring from Zhejiang Petroleum Huangzeshan storage and transportation base, and finally to the northeast Yushan Island Daishan County where Zhejiang Petrochemical integrated refining project (40 million tons/year).The pipeline has initial and terminal stations. The pipeline has 46.5km oil pipeline, including 45.7km submarine pipeline and 0.8km continental pipeline. The design pressure is 6.5 MPa and the pipe diameter is 813mm, with transport capacity of 20 million tons / year (maximum transport capacity of 30 million tons / year).
Glencore brings to the joint venture its international sourcing, marketing, trading, finance, risk management, and analytics capabilities.