China to quadruple strategic oil reserves
Raising the amount of crude oil in the recently established reserves will give China the equivalent of a one-month supply.
By Agencies |
SHANGHAI: China plans to boost its strategic oil reserves from the current 2 million to 3 million tons (15.8 million to 23.7 million barrels) to 12 million tons (94.8 million barrels) by 2010, a state-run newspaper said Thursday, citing a senior economic planning official.
Raising the amount of crude oil in the recently established reserves will give China the equivalent of a one-month supply, the Shanghai Securities News reported.
By 2020, China expects to have the three months of crude oil reserves recommended by the International Energy Agency, the paper said, citing Chen Deming, a vice chairman of the National Development and Reform Commission, the country's top planning agency.
China began filling its strategic oil reserves just over a year ago and now has between 2 million and 3 million tons on hand, Chen was quoted as saying.
China is the world's second largest oil consumer after the United States. Construction of a state-controlled crude oil reserve is considered a strategic priority.
Previously, Chinese oil companies have held 10-30 days of oil stocks, but the country as a whole did not store emergency reserves.
Raising the amount of crude oil in the recently established reserves will give China the equivalent of a one-month supply, the Shanghai Securities News reported.
By 2020, China expects to have the three months of crude oil reserves recommended by the International Energy Agency, the paper said, citing Chen Deming, a vice chairman of the National Development and Reform Commission, the country's top planning agency.
China began filling its strategic oil reserves just over a year ago and now has between 2 million and 3 million tons on hand, Chen was quoted as saying.
China is the world's second largest oil consumer after the United States. Construction of a state-controlled crude oil reserve is considered a strategic priority.
Previously, Chinese oil companies have held 10-30 days of oil stocks, but the country as a whole did not store emergency reserves.
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