At 10:30 a.m. on April 23, during the 32nd anniversary of the establishment of Sinochem Xingzhong Oil Staging (Zhoushan) Co., Ltd. (Sinochem Xingzhong), the company's Phase VI expansion project, which features a total capacity of 410,000 cubic meters of fuel oil storage tanks in 14 tank groups, was officially handed over and accepted.
Sinochem Xingzhong's Phase VI expansion project has pressed ahead of schedule and is significantly ahead of the previously planned delivery time. Since the initiation of the project, Sinochem Xingzhong's total tank capacity has reached 2.97 million cubic meters, which will allow Sinochem Xingzhong to play a more important role in optimizing the entire oil and gas industry chain and securing the regional energy supply for the Zhejiang Free Trade Zone.
In recent years, the Zhoushan area of the Zhejiang Pilot Free Trade Zone has focused on the entire oil and gas industry chain as it facilitates the construction of a model that involves one center, three bases, and one demonstration zone. The refueling volume of fuel oil for bonded ships in Zhoushan Port has been continuously increasing. Sinochem Xingzhong seized upon this opportunity and actively expanded its fuel oil refueling business for bonded ships, thus transforming it into a central warehouse for bonded ship refueling in the East China region. In December 2020, Sinochem Xingzhong took the first step in implementing its Phase VI expansion project, which was initiated in order to ensure regional energy supply. Through this project, the company is serving the local economy and promoting business growth.
During the 16 months of the project construction, more than 1,000 construction workers faced tremendous difficulties, such as a short construction period, heavy task loads, complex management links, narrow construction areas, multiple cross-procedures, and prevention and control measures related to COVID-19. Nevertheless, they moved forward with the project construction and ultimately delivered the project on schedule.
In recent years, Sinochem Xingzhong's supply of bonded ship fuel oil has accounted for about 50% of Zhejiang Free Trade Zone’s total supply each year, and the early commissioning of its Phase VI expansion project is bound to further increase Sinochem Xingzhong's share of the bonded ship bunker oil supply and better position it in the East China region.