Monday October 09, 2006

China starts filling strategic oil reserve

peakoil.com -> iht.com :

China has started filling the tanks of a strategic oil reserve meant to insulate the country from disruptions in supplies, an official said. The tanks in Zhenhai, a city in the coastal province of Zhejiang, south of Shanghai, are being filled with domestically produced oil, said Xu Dingming, deputy director of the Cabinet's State Energy Office.

The Zhenhai facility, with 16 massive oil tanks, is one of four planned sites for petroleum reserves. The others are to be built next year and in 2008. Previous reports said Beijing plans to stockpile up to 100 million barrels of petroleum, or the equivalent of almost a month's national consumption. The United States operates a similar reserve.

China supplied its own oil for decades from domestic oil fields, but became a net importer in the 1990s. Driven by a booming economy, it has quickly risen to become the world's third-biggest oil importer, after Japan and the United States.

See also :

1. China's first strategic oil reserve facility to be ready in August
2. ASEAN, China, Japan, South Korea mull oil stockpile

(2006-10-09 12:29:20 SGT) [Energy] Permalink

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