China (Zhejiang) Pilot Free Trade Zone (Zhejiang FTZ) has been working to construct an entire oil and gas industrial chain since its establishment three years ago, according to a press conference held by the provincial government on Nov 25.

Zhejiang FTZ has become the region in China with the largest number of oil and gas companies.

Over the past three years, the annual rate of increase in foreign trade in Zhejiang FTZ was 93 percent, while the rate of increase in the utilization of foreign capital was 99 percent.

In September, three new areas were added to Zhejiang FTZ - in Ningbo, Hangzhou and Jinyi.

Since then, Zhejiang FTZ has made progress in the following 10 aspects:

On Oct 4, the first cross-port bunker supply business was piloted in Zhejiang FTZ.

On Oct 20, Zhejiang provincial departments published construction plans for a digital Zhejiang FTZ.

On Oct 21, more than 1,000 Madrid-Yiwu trains had been operated.

On Oct 30, Zhejiang Oil Trade Co Ltd was approved to begin importing crude oil.

On Nov 4, Yiwu was recognized as the innovation demonstration zone of national import trade promotion.

From Nov 4-10, Zhejiang FTZ secured 24 projects worth $1.5 billion at the third China International Import Expo.

On Nov 9, Ningbo Ocean Shipping Co Ltd was approved to begin piloting coastal piggyback businesses with non-five-star flag international ships.

On Nov 10, the Shanghai Futures Exchange (SHFE) became a shareholder of Zhejiang Mercantile Exchange Co Ltd, in order to assist with the establishment of an oil and gas trading market in Zhejiang FTZ.

On Nov 12, Ningbo Zhoushan Port Co Ltd established a joint venture company with Brazil-based Vale International SA, a subsidiary of Vale SA, the largest producer of iron ore and nickel in the world.

On Nov 23, Zhejiang Petroleum & Chemical Co Ltd was approved to export 1 million metric tons of refined oil products this year.