Zhejiang Petrochemical secures another 4 million tons of crude oil import quota for non-state trade

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On January 7, it was learned from the Zhejiang Provincial Department of Commerce that, in accordance with the Notice issued by the Ministry of Commerce on December 28, 2018, titled \"Notice on Allocating the First Batch of Quotas for Non-state-owned crude oil imports in 2019\" (Document No. 787), Zhejiang Petrochemical Co., Ltd. (referred to as \"Zhejiang Petrochemical\") has been allocated a quota of 4 million tons for use in meeting the production needs and processing requirements during the year 2019. To date, Zhejiang Petrochemical has secured a total of 9 million tons in import quotas for crude oil under the non-state trade regime, providing a solid supply of raw materials for its trial production. According to available information, Zhejiang Petrochemical was established on June 18, 2015, in Zhoushan, Zhejiang, with a registered capital of 20 billion yuan. The company was established through a joint venture by four entities: Rongsheng Holding, Juhua Group, Tongkun Holding, and Zhoushan Haitou. It is located on Yushan Island in Zhoushan City. Leveraging the existing advantages of the Yangtze River Delta region, it focuses on green petrochemicals, relies on technology, and is oriented towards the market, aiming to build a modern large-scale integrated green petrochemical industry complex for oil refining, aromatics, and ethylene production. The project is constructed in two phases, with each phase capable of processing 20 million tons of crude oil per year, producing 5.2 million tons of aromatics per year, and generating 1.4 million tons of ethylene per year. The total investment in this project amounts to 173 billion yuan; it is the largest single oil refining project in the world to date, as well as the largest investment project carried out by a private enterprise in China to this point.