The Zhejiang Free Trade Zone has been propelling the development of the oil and gas industry in Zhoushan in Zhejiang province, turning it into the fifth-largest bunkering port in the world.

Bunkering refers to the process of filling a ship.

According to the 2021 Global Bunker Rankings by Port released at the International Petroleum and Natural Gas Enterprises Conference 2022 on Tuesday, Zhoushan Port jumped five spots in the last four years to fifth place — behind Singapore, Rotterdam, Fujairah and Hong Kong — with a bonded oil supply volume of 5.52 million metric tons last year.

Since the establishment of a section of the Zhejiang FTZ in Zhoushan and its outlying islands, the Zhoushan area has been building an entire oil and gas industry chain with one center, three bases and one demonstration zone.

Yushan island in Zhoushan, with a population of just a few hundred residents, will be transformed into a green petrochemical base with an estimated annual oil refining capacity of 40 million metric tons. After its second phase was completed at the end of 2021, the base became the largest chemical refining integration project in the country.