China strategic oil reserve capacity to reach 274m bbl by 2012

23 March 2011 07:31  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s capacity of strategic oil reserve will reach 274m barrels by the end of 2012 when it builds up additional storage tanks, the online news agency International Energy (IN-EN) reported on Wednesday.

China completed construction of its first phase reserve storage of 102m barrels in 2008, based on official data.

Since September 2009 China has been building the second phase of oil reserve - with a total storage capacity of 172m -barrels in eight places across the country.

These include Xinjiang, Gansu, Guangdong, Jiangsu, Liaoning and Tianjin, the report quoted Kou Zhong, deputy director of the China Petroleum Planning & Engineering Institute, an academic arm of China National Petroleum Corp (CNPC), as saying.

Its strategic oil reserve now stands at 178m barrels, which includes the first phase capacity and additions of the second phase so far.

The country is also selecting sites for its third phase of storage capacity of around 350m barrels, the report said.

When all the three phases will start operation by 2020, the total storage capacity will reach 624m barrels, or enough to cover 90 days of net crude imports, as required by International Energy Agency, it added.

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By: Fanny Zhang
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