Last year, it processed 26.52 million metric tons of crude oil, and Zhejiang Petroleum and Chemical Co, the operator and investor, generated 139 billion yuan ($20.1 billion) in revenue.

Reforms promoted in the Zhoushan area also attracted fuel oil suppliers and traders.

"The efforts that Zhoushan has made over the past five years, especially in terms of bonded oil supply services, have helped improve our working efficiency and reduce our costs," said Tang Jun, chief of the Shanghai representative office of Peninsula Petroleum.

Because of the innovative reforms, over the past five years more than 35,000 enterprises registered in Zhoushan, over 9,300 of which are related to oil products.

Since 2017, the IPEC has served as a platform for cooperation in the global oil industry. This year's conference was held in Zhoushan on Tuesday and Wednesday and was attended by more than 300 managers of energy-related enterprises.