Building a world of
resilient communities.

MAIN LIST

 

China to build four major oil reserve bases

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 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 Corporation (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. Accounting 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 reserve 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.

By People's Daily Online

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


BP: Global Coal Use Fell by Largest Recorded Margin in 2015

Global coal use fell by more than 70 million tonnes of oil equivalent (Mtoe) …

Peak Oil Review: A Midweek Update - 23 June 2016

 A midweek update. The oil markets are still dominated by the …

Diablo Canyon Nuclear Reactors to Be Replaced With 100% Renewable Energy

An historic agreement has been reached between Pacific Gas and Electric …

Renewable Electricity: Falling Costs, Variability, and Scaling Challenges

The universal availability and use of electricity has come to define modern …

Presenting Our Renewable Future   

David Fridley and Richard Heinberg present on our energy future.

The Oracle of Oil: Review

A review of Mason Inman's timely new book, The Oracle of Oil: A Maverick …

China: Is peak coal part of its problem?

Why would a country selectively decide to slow down the growth of the fuel …