First phase of China's strategic oil reserve project finished

11:11, January 18, 2010      

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China has finished the first phase of the country's strategic oil reserve, and the average cost was around 58 U.S. dollars per barrel in 2009, said Zhang Guobao, vice minister of the National Development and Reform Commission (NDRC) and head of the National Administration of Energy, at a conference held on January 17, 2010.

Last year, China extended over 60 billion U.S. dollars of loans to oil producers in Russia, Brazil and Venezuela in exchange of annual oil supply of 75 million tons, he said.

In last December, China imported 21.26 millions of crude oil, setting a new record, according to data from the General Administration of Customs (GAC). China's oil import in the whole 2009 reached 204 million tons, and its dependence on imported oil is estimated to be around 52 percent.

The global financial crisis has led to a downward trend in the demand for energy resources, said Zhang. China should seize the chance and implement the "go out' strategy of its energy sector.

An oil pipeline linking Russia's far east to China's northeast is set to start operation by the end of 2010. The pipeline would transport 15 million tons of crude oil annually from Russia to China, he added.

By People's Daily Online
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