China to establish new strategic oil reserve bases

China will build eight strategic oil reserve bases in Guangdong province, Gansu province, Jiangsu Province, Liaoning province, Tianjin municipality and in the Xinjiang Uyghur Autonomous region. When all the bases are finished, China’s strategic oil reserves will have a capacity of 274 million barrels. The oil reserve bases are expected to be finished by the end of 2012. The construction of the oil reserves is part of the country’s national strategic oil storage plan. China’s current strategic oil reserves would meet 36 days of the country’s total oil consumption. (August 17, 2011)