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Sinopec builds more than 100 oil tanks

(AFP)
Updated: 2007-05-16 16:18

China's Sinopec Group, the largest refiner in Asia, is building more than 100 large oil tanks to increase its commercial storage capacity, the government said.

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Currently Sinopec has nearly 400 large oil tanks in operation, each with storage capacity above 30,000 cubic meters (1.05 million cubic feet), the State-owned Assets Administration and Supervision Commission said.

"Another 100 large oil tanks are in construction as the group speeds up building commercial storage facilities," the agency under the cabinet said in an undated statement on its website, citing Sinopec.

It did not say when the construction of new oil tanks will be completed or where they will be located.

In March, Sinopec conducted safety inspections on 339 existing tanks to prevent any leaking, fire or explosion, the statement said.

State media has reported in February that China is drafting an Energy Law requiring state-owned energy companies to set up corporate oil reserves to supplement national reserves currently being built up.

China began building four strategic oil reserves sites in 2004 to secure energy supplies for its booming economy.

The official Xinhua news agency reported in March it is also considering a second series of reserve sites.