China to put into use two more oil reserve bases
Updated: 2008-03-09 09:23
Another two strategic oil reserve bases will soon be put into use, a Chinese official said Saturday on the sidelines of the annual session of the country's top political advisory body.
"Two oil reserve bases in Huangdao (of Shandong Province) and Dalian (of Liaoning Province) is near completion," said Zhang Guobao, vice minister in charge of the National Development and Reform Commission (NDRC), without elaborating how soon.
The two oil reserve bases located in Zhenhai and Zhoushan of Zhejiang Province have been put in operation.
Oil-filling at the two bases is worthwhile in terms of oil prices, and the timings have been well chosen to prevent major impact on international oil price, the official said.
By the year 2010, China will have a strategic oil reserve equivalent to 30 days of imported oil, the NDRC has said.
China started its strategic oil reserve base program in 2004 to respond to sudden incidents, prevent supply disruption hazards and safeguard the nation's energy security.
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