An oil and gas transfer base in Zhoushan, East China's Zhejiang province [Photo/WeChat account: zjzsqdxq]

The oil and gas industry in Zhoushan, East China's Zhejiang province, witnessed remarkable progress in the first half of this year, with the online transaction volume of oil and gas products reaching 79.23 billion yuan ($10.98 billion), up 13.5 percent year-on-year, local media reported on Aug 7.

A total of 1,035 oil and gas companies were registered over the period, a year-on-year increase of 28.6 percent. Zhoushan is currently home to 12,770 such companies.

The output value of the city's crude oil processing and petroleum product manufacturing industries amounted to 126.65 billion yuan from January to June, an uptick of 4.6 percent year-on-year, accounting for 95.4 percent of the output value of the Zhoushan Free Trade Zone's large-scale industries.

The free trade zone supplied 3.55 million metric tons of bonded fuel oil over the period, representing a year-on-year growth of 28.3 percent.

The city's green petrochemical base and international marine service base also eyed rapid growth from January to June, with construction of high performance resin and high-end new materials projects underway and the output value of foreign ship repair standing at 4.88 billion yuan, an increase of 42.2 percent.

Establishing the green petrochemical base is an effort to drive the transformation and upgrading of Zhoushan's oil and gas industry, said local authorities.