How come these studies never mention hemp and algae?
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AFX News Limited
China to complete four strategic oil reserve facilities this year - Xinhua
07.10.2006, 07:28 AM
- BEIJING (XFN-ASIA) - China will complete construction of four strategic oil reserve facilities this year, boosting its storage capacity by up to 12 mln tons, state media reported.
Ma Kai, minister of the National Development and Reform Commission (NDRC) and director of the National Energy Office, said four petroleum bases with a total storage capacity of between 10 and 12 mln tons will be completed this year, the official Xinhua news agency reported.
Two oil reserve bases will be in the eastern province of Zhejiang while another two will be in Shandong and Liaoning provinces, the report said.
Last month, China Daily said one of the stores in Zhejiang, located in the coastal city of Zhenhai, would be completed in August.
The four strategic oil reserve bases are expected to hold supplies for at least 30 days, it said.
Ma said construction of oil reserve facilities will accelerate between now and 2010, with a second and third phase -- each with a capacity of 28 mln tons -- already in the pipeline, according to the report.
Ma also said overseas cooperation in crude oil production will be strengthened.
China, the world's second-biggest oil consumer after the US, used about 318 mln tons of oil last year, of which 40 pct, or about 127 tons, were imported, according to earlier reports.
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