Zhejiang FTZ exports first batch of refined oil

Cielo Di Houston, a tanker loaded with more than 37,000 metric tons of oil, departed from Zhoushan Port for Singapore on Dec 6, marking the official start of refined oil export by Zhejiang Petroleum & Chemical Co, local media reported.

The company, located in the China (Zhejiang) Pilot Free Trade Zone in Zhoushan, East China's Zhejiang province, is the only private refinery company in China approved to export refined oil.

"There are two more international tankers being loaded with refined oil at Zhoushan Port which are expected to leave in two days for Singapore and other places," said an official from the Zhoushan bureau of commerce.

According to the official, the Ministry of Commerce approved Zhejiang Petroleum & Chemical Co for refined oil exports in July, and in November it announced that it will allocate the company an export quota of 1 million tons this year.

The export quota for Zhejiang Petroleum & Chemical Co is mainly gasoline.

An official from the Zhoushan bureau of commerce said that, due to the COVID-19 outbreak this year, the supply of refined oil largely exceeds demand in China, and the Zhejiang company has a large stock of refined oil.

He said that the export quota will help the company expand its overseas market and increase the international influence of Zhejiang FTZ while lowering inventories.