BEIJING, Jan. 29 (Xinhua) -- China's first strategic oil reserve base began
operation on Monday as oil started filling up its tanks, according to a National
Development and Reform Commission (NDRC) official.
"Compared with the United States and Japan, China is late in building its
first strategic oil reserve and the size of the reserve is small,” said Zhu
Hongren, an NDRC official.
The reserve is located in Ningbo in east China's Zhejiang Province.
China approved the construction of four national strategic oil reserve
bases in 2004. The other three are in Daishan, also in Zhejiang Province,
Huangdao in east China's Shandong Province and Dalian in northeast Liaoning
Province.
Official statistics showed that China imported a record 145.18 million tons
of crude oil last year, making it the world's third largest oil importer after
the United States and Japan.