Once known as the Ningbo Petrochemical Industrial Zone, Ningbo Petrochemical Economic and Technological Development Zone was established in Ningbo, Zhejiang province, in November 1997.
In 2006, it became a provincial-level development zone with the approval of the provincial government. Four years later, it was upgraded to a State-level development zone by the State Council. It is the only development zone in Zhejiang province that focuses on the development of the petrochemical industry.
Located on the south bank of Hangzhou Bay, the zone covers a total planned area of 40 square kilometers and is endowed with an excellent geographic location and convenient transport.
With the help of Ningbo Port, one of the largest ports in China, the zone can expand trade ties to more than 600 ports in 100 countries and regions.
China's largest public liquid chemical terminal has settled in the zone, with an annual throughput capacity of 100 million tons. Also, the largest refining and chemical integration enterprise in China, Zhenhai Refining and Chemical Company, is located at the zone.
Up to now, more than 50 major petrochemical companies from home and abroad have settled at the zone, including Akzo Nobel of Holland, LG Yongxing of South Korea, Daicel Chemical of Japan, Juhua Chemical and Hangzhou Bay Acrylic Fibre.
From January to June 2018, the zone achieved total industrial output of 86.84 billion yuan ($12.6 billion), with year-on-year growth of 3.6 percent. The industrial value added of enterprises above designated size amounted to 24.32 billion yuan. The foreign trade volume totaled 4.46 billion yuan. The zone realized a fixed asset investment of 1.88 billion yuan and attracted domestic investment of 2 billion yuan.