The Zhejiang provincial government recently published guidelines on opening up the oil and gas industry chain in the Zhejiang Pilot Free Trade Zone, which is situated in Zhoushan and its outlying islands.

The guidelines lay out a series of development goals for the Zhejiang Pilot FTZ to achieve by 2025.

By 2025, the Zhejiang Pilot FTZ is required to have introduced at least 1,000 foreign-invested companies, with its actual use of foreign capital reaching $1.5 billion. The zone must also welcome State-owned as well as private enterprises to set up branches and headquarters there. It will strive to bring in 50,000 new enterprises, including 12,000 companies in the oil and gas sector, by then.

The green petrochemical industry in the Zhejiang Pilot FTZ will strive to achieve 800 billion yuan ($114 billion) in output value by 2025. A high-end petrochemical industrial chain will hopefully take shape with the capacity to discharge 30 million metric tons of natural gas.

The foreign trade volume of the Zhejiang Pilot FTZ is expected to reach 350 billion yuan.　

A Japanese LNG vessel docks at a terminal in Zhoushan, Zhejiang province. [Photo by Yao Feng/For China Daily]