World
  |
|
China to start filling third strategic oil reserve mid-2007
Kai, minister in charge of the National Development and Reform Commission of China, addresses the media during the press conference held by the Fifth Session of the Tenth National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 7, 2007. (Xinhua/Huang Jingwen)AFP
BEIJING
Petroleumworld.com 03 08 07
China plans to begin filling the tanks at a strategic reserve site, the third of its kind, by the middle of this year as part of its effort to secure fuel supplies for its booming economy.
The Huangdao base will start operations by the middle of this year, the official Xinhua news agency reported Thursday, citing Du Guosheng, assistant to the president of China's top refiner, China Petroleum Chemical Corp (Sinopec).
The capacity of the Huangdao base in the eastern Shandong province is expected to reach 2.6 million tonnes* ( 21 MB) , Xinhua reported.
China is also considering a second series of strategic oil reserve sites, which are expected to add another 28 million tons* ( 222 MB) of storage capacity, Xinhua said, citing sources with the country's top economic planner.
Gansu province in the northwest has been selected as a site while Guangdong province and Hainan island are also being considered as they are close to refineries operated in the south by PetroChina, China's leading oil firm.
China began building four oil reserves in 2004 and has so far invested about six billion yuan (770 million dollars) to secure storage of 10 million tons.
Two of them, located in southeastern Zhejiang province, are already in operation.
The others two, the Huangdao base and one in northeastern China's Liaoning province are still under construction, Xinhua said.
China imported 138.8 million tons* of crude oil in 2006, up 16.9 percent from the previous year.
Imports last year accounted for 47 percent of the country's overall consumption and industry observers warned imports might make up more than 50 percent of China's petroleum needs in a year or two, Xinhua added.
* Petroleumworld's note:
1 barrel = 0.127 tons2.6 MT = 21 MB aprox.
28 MY ( 222 MB) aprox.
139 MT= (1.096.000.000 MB or 3 MBD) aprox.
AFP 08 1033 GMT 03 07
Copyright© 2007 AFP. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels