China is accelerating the construction of eight crude oil
reserve sites in the second-phase of its strategic plan, the official China
Securities Journal reported.
Citing an unidentified official, the newspaper reported
China’s strategic oil reserve capacity would total 274 million barrels,
compared with 178 million barrels last year, with an end time set for before
the end of 2012.
Reuters reported the newspaper as saying plans to build the
third phase of the strategic oil reserve bases were already under way, with a
targeted completion date of 2020.
When completed, China's strategic oil reserves will have the
capacity to store about 85 million tonnes of crude oil, equivalent to 90 days
of net oil imports, while total reserves, including commercial stocks, will
reach 100 days of net oil imports.
China began building its national strategic oil reserves in
2004, with the first phase of the project comprising four oil storage sites in
the provinces of Zhejiang, Liaoning and Shandong.
The initial four storage sites began operations in 2008 and
have a combined capacity of around 14 million tonnes of oil, equivalent to more
than 10 days of net oil imports, Reuters reported