China to Build Four Major Oil Reserve Bases
People's Daily, Beijing
Sunday, October 10, 2004
http://english.peopledaily.com.cn/200410/10/eng20041010_159641.html [1]
China will formally launch its strategic petroleum
reserve program next year, as learned from related
departments. An oil reserve base in Zhenhai
Zhejiang Province, is now under construction, which
will be able to hold more than 5 million cubic meters
of oil when its first-stage project is completed next
year.
The state's first batch of reserve bases approved by
the National Development and Reform Commission
are located in Zhenhai (Zhejiang Province), Daishan
(Zhejiang Province), Huangdao (Shandong Province),
and Dalian (Liaoning Province). Of them Zhenhai is
regarded the largest one in scale and the one of the
fastest construction speed.
Construction for the other three bases is also stepped
up. The first-stage project of the national petroleum
program is now in full swing, officials from the
commission said. China's three oil giants -- China
Petroleum & Chemical Corp. (Sinopec), China National
Petroleum Corporation (CNPC), and China National
Offshore Oil. Corp. (CNOOC) --are entrusted by the
state to be responsible for the overall construction of
the four bases, which are hopefully to be basically
completed between 2006 and 2008.
Upon completion, the four bases will altogether form
a government strategic reserve capability equivalent
to the amount of crude oil imports in 10 days.
Counting the 21 days commercial oil reserve within
the oil system nationwide, China's overall oil reserve
capacity will exceed 30 days of imports.
It is learned that the oil reserves in the United States,
Japan, and Germany have reached 158 days, 161 days,
and 127 days of net imports respectively. The standard
reserve capacity suggested by the International Energy
Agency to its member states is 90 days' imports. This
is also the long-term goal of China, which is expected
to be realized by 2015.
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