At 09:00 on August 27, 2018, the Aoshan Base of Sinochem Xingzhong Oil Staging (Zhoushan) Co., Ltd. (Sinochem Xingzhong ) successfully blended the bonded fuel oil for C-12 Oil Tank, completing the first bonded fuel oil blending business in China.
For the blending business, about 45,000 tons of bonded fuel oil of different tax file numbers, which were transported by Malaysian oil tanker “BRIGHTOIL LUCKY” to Aoshan Terminal, were blended. After blending, the price of blended fuel oil was about USD 1.5 lower than that of the same type of fuel oil imported directly from Singapore. Directly carrying out bonded fuel oil blending business at the consumption site can make up for the policy deficiency of China (Zhejiang) Pilot Free Trade Zone in the international oil product competition, reduce the price of oil products, and help China (Zhejiang) Pilot Free Trade Zone to become a domestic bonded fuel oil blending center and determine its strategic positioning in the liberalization of international bulk commodity trade. Meanwhile, it can further promote investment into oil products of the whole industry chain, and better explore methods to complete bonded oil blending business.
As another major breakthrough made by Sinochem Xingzhong after it took the lead in getting the business license for bonded fuel oil operation, the bonded fuel oil blending business will greatly improve the international market competitiveness of Zhoushan bonded fuel oil, lay a foundation for the construction of bonded fuel oil center, and further promote innovation in the processing mode of bulk commodity.