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China oil reserve base program in full swing
www.chinanews.cn 2006-02-28 13:48:23
Chinanews, Feb. 28 - National Development and Reform Commission (NDRC)
Fixed Assets Investment Department Director Yang Qingwei revealed
recently that China's national strategic oil reserve base construction is
in full swing. Zhenhai base in Zhejiang's Ningbo City has built up 16
storage tanks in 2005, while bases in Zhoushan, Dalian and Huangdao have
entered the stage of infrastructure construction. These four oil reserve
bases will be completed successively starting from this year.
Zhenhai base is scheduled to set up 52 storage tanks by the end of this
year, and the completed 16 are located in the east. Upon completion of
the project, this base will be able to reserve 5.2 million cubic meters
of oil. The other three bases will be completed around 2007.
The first-phase projects of national strategic oil reserve bases will
draw to an end one after another, indicating that China's strategic oil
reserve system will become reality. According to energy resource experts,
China is a big oil consumer. In order to guarantee stable oil supply,
China must establish a four-tier oil reserve system. The first tier is
the national strategic oil reserve mechanism, whose main objective is to
ensure energy security when oil supply is seriously affected by military
or political turbulences in other parts of the world, and its focal point
is crude oil. The other three tiers are respectively commercial reserves
of the three petroleum magnates, reserves of big oil consumers, and other
reserves in the society, all of which emphasize particularly on product
oil.
China's current strategic oil reserve status is far from satisfactory,
since the main body of reserves is only composed of PetroChina and
Sinopec, whose overall reserves can meet at most 21 days of domestic
demand. In developed countries with established strategic oil reserves
such as the US, Japan, Germany and France, their governmental and private
reserves will be able to last 158 days, 161 days, 117 days and 96 days,
respectively.
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