(EnergyAsia, April 27, Friday) — China has promised to build up its strategic petroleum stockpile “gradually” to about 30 days’ supply or about 100 million barrels by 2010. With oil prices rising again, China is aware that its stockpiling plans could add fuel to the world markets.
China’s leading planning agency, National Development and Reform Commission, said it is planning the next phase of its national stockpile plans after completing the implementation of the first phase next year.
The ultimate goal is to raise the stockpile to meet 90 days of consumption.
The agency has urged domestic oil firms to help build up their stockpiles to strengthen national energy security.
The country’s first reserve facility of five million cubic metres in Zhenhai in Zhejiang province began stocking up last October.
The provinces of Gansu, Hainan, Hebei and Guangdong are now competing to become the next locations for the second phase of stockpiling.