China's first strategic oil reserve facility to be ready in August

China will complete construction of its first strategic oil reserve facility in August, state press has reported. The plant, which will have the capacity to hold 5.2 million cubic meters (32.7 million barrels) of crude oil is located in the coastal city of Zhenhai in China's eastern province of Zhejiang, the China Daily reported. Huge tanks are also being constructed at three other sites - a second plant at Zhejiang, and one each in the eastern provinces of Liaoning and Shandong.

Chinese officials said earlier this year that they would begin filling the Zhenhai facility by the end of the year, but soaring prices may cause a delay. China hopes its reserves will be able to hold up to half a year's supply of oil within 10 years. The four strategic oil reserve bases are expected to hold supplies for at least 30 days. China, the world's second-biggest oil consumer after the United States, used about 318 million tons [2.33 billion barrels, 6.39 mbpd] of oil last year, of which 40%, or about 127 million tons [0.93 billion barrels, 2.55 mbpd] were imported.

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