China builds crude oil reserve base at Lanzhou

30 December 2009 08:02  [Source: ICIS news]

SHANGHAI (ICIS news)--China started construction of a crude oil reserve base with a total investment of yuan (CNY) 2.4bn ($351m) and a stock inventory of 3m cubic metres at Lanzhou, Gansu province, on Tuesday, the state-run Xinhua news agency said on Wednesday.

The base would include 30 reserve tanks, with a capacity of 100,000 cubic metres each, in Yongdeng county of Lanzhou, Xinhua said.

The base would be operational by the first half of 2011, Xinhua added.

The National Development and Reform Commission (NDRC) approved all the paper work for the base in November 2009, the news agency said.

($1 = CNY6.83)

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By: Dolly Wu
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