Representatives from the Zhejiang FTZ authorities, financial institutions and oil storage companies make keynote speeches at the summit for the innovative development of oil futures and spot oil in the international oil and gas industry held in Zhoushan, Zhejiang province, on July 25. [Photo/zj.zjol.com]

China (Zhejiang) Pilot Free Trade Zone (FTZ) is set to become a world leading oil trade center that will have the power to determine the price of global oil products, through around ten years of efforts and with the support of relevant national strategies, said Feng Bijun, deputy director of the Comprehensive Coordination Department of the Management Committee of Zhejiang FTZ.

Feng made the remarks in a keynote speech at a summit for the innovative development of oil futures and spot oil in the international oil and gas industry held in Zhoushan, Zhejiang province, on July 25.

"The building of an international oil trade center entails a globally-focused, market-based and open eco-system for the oil industry," Feng added, also noting that Zhoushan, as the place where Zhejiang FTZ is located, enjoys an advantageous location, and will therefore pilot the market rules, as well as fiscal, tax and financial policies centered around the oil trade, to provide a foundation for establishing a comprehensive industrial chain of oil products.

At the summit, Zhejiang Petrochemical Trading Center, the sole comprehensive trade platform approved by the Zhejiang government for spot petrochemical products trading, launched cooperative agreements with seven banks and six oil storage companies on finance and storage fields, respectively.

Representatives from the center and Zhejiang FTZ authorities, as well as several industry experts, also shared their opinions on issues around the oil industrial chain, tax risks, oil futures, trade of spot oil, and warehouse receipt transactions.

Zhejiang Petrochemical Trading Center launches cooperative agreements with banks and oil storage companies at the summit. [Photo/zj.zjol.com]