FTZ to ramp up oil products storage capacity by 2020

Zhejiang Pilot Free Trade Zone is expecting its oil products storage capacity to surpass 40 million cubic meters by 2020, an official said on Monday.

"The FTZ has been pushing forward the construction of an international oil base in the zone, and the first phase of it, with 20 million metric tons of refining capacity, will start testing by the end of this year," said Xia Wenzhong, deputy head of Zhejiang Pilot FTZ. "Currently the storage capacity has reached 22.7 million cubic meters, one of the biggest of its kind in the country, and we plan to increase it to 40 million cubic meters by 2020."

The FTZ is looking to realize in excess of 80 billion yuan ($11.52 billion) from total oil products trade with the volume exceeding 20 million tons by the end of this year. The oil products trading scale is expected to reach 300 billion yuan by 2020.