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Petroleum conference
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More than 400 guests from 42 countries and regions participated in the International Petroleum and Natural Gas Enterprises Conference in Hangzhou on Monday.
鈥淶hejiang Free Trade Zone is one of Chinese government鈥檚 initiatives to establish a complete petroleum and natural gas industry chain, complimented by an international energy and bulk commodity trade center,鈥 said Tong Yahui, chairman of Zhejiang Energy Group.
Massive petroleum consumption in China has attracted investment by Exxon Mobil, Total, Chevron, British Petroleum and Shell.
Zhejiang Free Trade Zone plans to supply 5 million tons of bonded petroleum and natural gas by 2020 and have a storage capacity for 40 million tons of fuel oil. This will make it one of the largest energy storage depots in China.
The conference also saw the signing of 20 investment agreements, 80 percent of which were worth 57.37 billion yuan (US$8.69 billion) and related to fuel oil.
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