China National Petroleum Corp. has started construction on a strategic petroleum reserve facility in Jinzhou city, the company's pipeline division said Friday.
China National Petroleum Corp. has started construction on a strategic
petroleum reserve facility in
Jinzhou
city,
the company's pipeline division said Friday.
The project is one of eight facilities planned for
China
's
second phase of SPR, CNPC said.
The Jinzhou SPR site is expected to begin operations by 2015.
It is expected to store about 3 million cubic meters of oil and will cost
CNY2.26 billion ($357.4 million), the official Xinhua news agency has said.
The country's second phase of SPR is expected to be completed this year. It
will boost SPR capacity to 37.53 million metric tons or 270 million barrels,
Xinhua said.
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