China's strategic oil reserve project has a new timetable. Vice Minister of the National Development and Reform Commission Chen Deming said that China's strategic oil reserve stands at 2-3 million tons now. By 2010, it will increase to 12 million tons.
Experts believe that this will be a milestone for China's energy security.
Since 2003, China has built four oil reserve bases in Zhenhai, Zhoushan, Huangdao and Dalian. Currently, the Zhenhai and Zhoushan bases are both complete: Zhenhai began storing oil last year; and Zhoushan began storing oil earlier this year.
The Huangdao base will be completed by the end of this year and put into operation by the end of 2008.
By People's Daily Online