China’s Zhejiang Petrochemicals, which is owned by Rongsheng Group, has been awarded a quota to import 5 million tonnes of crude oil this year.
The move comes as the company builds an oil refining and petrochemical complex on the island of Zhoushan, near Shanghai, in Zhejiang province. It is expected to have two 400,000 barrels-per-day oil refineries and two 1.4 million tonnes-a-year ethylene plants.
