First oil reserve base to be completed
(Xinhua)
Updated: 2006-08-10 11:05
China's first strategic oil reserve will be completed in August and go into
operation in October, said sources with the National Development and Reform
Commission.
The oil reserve base in Zhenhai, east China's Zhejiang
Province, has 52 storage tanks. 16 of them were erected last September and the
remaining 36 will be completed this October.
28 of the storage tanks are
made of high strength steel plates, said the commission.
The base,
costing 3.7 billion yuan (462.5 million U.S. dollars) and with a storage
capacity of 5.20 million cubic meters, is now prepared for oil storage and
operation.
The base, close to China's largest refinery, Sinopec Zhenhai
Refining and Chemical company, is located at the head of the YongHuNing oil
pipeline which runs from Ningbo to Shanghai and Nanjing.
The completion
of the base is a breakthrough for China which until now has had no national
strategic oil reserves, said Zhang Guobao, deputy director of the National
Development and Reform Commission.
China started to build national oil
reserve bases in 2004. The sites of the first four bases are Zhenhai, Daishan in
Zhejiang Province, Huangdao in east China's Shandong Province, and Dalian in
northeastern Liaoning Province.
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