Representatives sign a project at the investment promotion conference. [Photo/zhoushan.cn]

Three projects -- with a total investment of over 2.3 billion yuan ($321.76 million) -- were signed at an investment promotion conference held in Zhoushan on Aug 27.

One of the projects concerns the storing, transport and trading of oil products. The two other projects concern research and development of marine bioproducts and the testing of special equipment, respectively.

The petroleum project, costing 2 billion yuan, will involve the construction of an oil tank area with storage of 2 million cubic meters. The project is expected to generate annual revenue of 1 billion yuan.

The marine bioproducts project, involving an investment of 250 million yuan, will see the construction of workshops, warehouses and other facilities, as well as the production of bioproducts.

The new facility for special equipment testing will cost $10 million. It will be engaged in testing output of special equipment for the petroleum and petrochemical industry, the electric power industry, among other areas.

According to the leader of the latter project, the main reason for settling in Zhoushan is the city's attractive business environment and the developmental advantages of the China (Zhejiang) Pilot Free Trade Zone.