September 22, 2020

China directs Zhejiang province authorities to build energy and agricultural storage bases

According to a Chinese government document, Zhejiang province authorities have been told to begins plans for constructing energy and agriculture product stockpiling bases as part of a regional free trade zone (FTZ) push, Reuters reported.

The Zheijang FTZ will have bonded storage and transfer centres for imported grains. According to the document, these facilities will provide special quarantine approval and customs clearance on shipments such as soybean imports.

There will also be facilities for high protein food processing such as imported beef.

The FTZ facilities will be above-ground and underground, covering 120 square km in the cities of Ningbo, Hangzhou and Jinyi.

Also part of the plan is the construction of Zhejiang's Zhoushan port to create a marine fuel hub to compete with Singapore, the biggest supplier of ship bunkers in the world.

The FTZ oil storage facilities would become part of China's national reserves once completed.

- Reuters