Oil giant PetroChina plans to build 66 refined oil reserve depots this year. The move is part of its efforts to meet the overwhelming oil demand of the Chinese domestic market.
The company will also accelerate the construction of its shipping facilities, and step up its reserve capacity by 430 thousand cubic meters. Currently, depots are being built in cities like Zhuhai, Ningbo, and Dalian, and 10 depots have been put into operation.
The company says the new depots will help it better balance supply and demand, and keep the market supply and price stable. Currently, the country's oil reserve capacity is around 30 days, far below international standards.