China implements oil reserve project

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Last updated at: (Beijing Time) Saturday, March 06, 2004

China implements oil reserve project

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A prominent researcher revealed Thursday the Chinese government planned to build up a strategic oil reserve equivalent to 35 days of crude oil imports by the end of 2005, Friday's Beijing Morning Post reported.

The bulk of the reserve, or 21 days of crude oil imports, would be kept by major oil companies. The rest would be stored at government oil depots, the daily newspaper quoted Feng Fei, a researcher with the Development Research Center of the State Council, as saying at a forum on oil and natural gas.

Feng predicted China's annual oil imports would rise from 91 million tons in 2003 to 140 million tons by 2010, and the oil reserves would be raised to 50 days by then, reported the newspaper.

Source: Xinhua

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