China Will Begin Filling 3rd Strategic Petroleum Reserve By Mid-2007 - Times Of India

[hatrack]

BEIJING: China plans to begin filling the tanks at its third strategic oil reserve in its eastern Shandong Province by the middle of this year to help secure the country's fuel supplies.

China Petroleum and Chemical Corporation (Sinopec) will complete the Huangdao base in Shandong, said Du Guosheng, assistant to the president of Sinopec. The capacity of the Huangdao base is expected to reach 19 million barrels, Du said.

China began building four oil reserves in 2004. Two are in Zhejiang Province, both of which have started operating. The others are respectively in northeast China's Liaoning Province, which has not be completed, and in Shandong Province, which will be in operation by the middle of this year.

China has invested some about 760 million US dollars to secure oil reserves of 10 million tonnes at the four sites. China is planning to build the second set of strategic oil reserves, which are expected to add another 28 million tonnes of storage capacity, Xinhua news agency quoted officials with the National Development Reform Commission (NDRC) as saying.


EDIT

http://timesofindia.indiatimes.com/NEWS/World/Rest_of_World/China_to_fill_its_3rd_strategic_oil_reserve/articleshow/1736658.cms

[orpupilofnature57]

1. Wonder if the recent Sky rocket is because they now own most of ours

[IDemo]

2. Now if they can only continue filling reserves until they hit 1 trillion barrels

oh wait a minute...