China’s fuel reserve project moves into new phase

China’s strategic petroleum reserve capacity is expected to reach 274 million barrels by 2012. However, that figure will not be confirmed for nearly two years, at the completion of the second phase of the reserve project, according to the China Petroleum and Chemical Industry Federation (CPCIF).
The country’s strategic stockpiling capacity has reached 178 million barrels by the end of 2010, while its commercial inventory capacity reached 168 million barrels, the federation said in a report. China has started construction of the eight sites for the second phase of the strategic reserve project. The first phase was completed in early 2009, with a design capacity of 164 million cubic meters. The country is now planning the third phase, scheduled to be completed by 2020, when the total reserve volume will be equivalent to 100 days of imports, according to the mid- and long-term oil reserve plan, approved by the State Council in February 2009. (January 27, 2011)