BEIJING, June 24 -- China will start filling its
first strategic petroleum reserve this year, China Central Television (CCTV)
said Thursday amid efforts to ensure energy supplies for the country's booming
Plans call for China to build groups of
storage tanks at four locations.
|An undated file photo shows the
construction site of the Zhenhai oil
The first 16-tank facility to be filled is in the
city of Zhenhai in the eastern province of Zhejiang, south of Shanghai, CCTV
said, citing Wang Mingji, vice chairman of state-owned China Petroleum &
The reserve is meant to cushion China against
possible interruptions of foreign supplies. Previous reports said Beijing plans
to stockpile up to 100 million barrels of petroleum, or the equivalent of almost
a month's national consumption.
The United States operates a similar reserve.
China's reserve is to be overseen by a government
commission created this year to coordinate energy policy and supervise
state-owned oil companies and other resources.
China supplied its own energy needs for decades from
domestic oil fields, but became a net petroleum importer in the 1990s. Driven by
a booming economy, it has quickly risen to become the world's second-biggest oil
importer, after Japan.
Plans call for three other reserve facilities in
Daishan in Zhejiang, Huangdao in Shandong province southeast of Beijing and in
Xingang in Liaoning province in the northeast.
(Source: China Daily)