More oil reserve bases to be set up
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The nation plans to build emergency oil storage tanks in its northeast industrial base to enhance energy security, a senior energy official told reporters yesterday.
The tanks are part of the second phase of China's construction of emergency oil stockpiles, said Zhang Guobao, chief of the National Energy Administration.
As its energy demand grows, China has made a multi-phase plan to build a number of oil reserves. It has completed the first-phase construction, which is composed of four oil reserve bases, and has started the second-phase construction last month, Zhang, also vice-minister of the National Development and Reform Commission, said in September.
"We will definitely build the third-phase oil reserves," he said at a press conference. China's current reserves are far less than the level suggested by the International Energy Agency. It recommends its member countries keep a stockpile level of 90 days of net oil imports. China's current stores are equivalent to only about 30 days of its net oil import.
South Korea has enough oil reserves for about 120 days while Japan holds more than three months' worth of consumption in reserve.
According to the country's long-term national oil reserve plan, China will build an oil stockpile that is equivalent to 100 days of its net imports by 2020.
Meanwhile, Reuters reported that the country will raise its crude processing capacity to 550 million tons or 11 million barrels per day by 2015, and lift output of refined oil products to over 300 million tons.
