PetroChina boosts fuel storage capacity

PetroChina Co. Ltd.’s sales unit storage capacity for refined oil products could reach 10.4 million cubic meters by year end, 45% more than in 2005, China Petroleum Daily reported. The Chinese government and state-controlled oil firms have been expanding both crude and fuel stockpiles to improve their capacity to cope with potential supply shocks, but none disclose inventory levels or storage capacity regularly. PetroChina’s overall sales of refined oil products are expected to reach 100 million tons in 2010, 30% higher than in 2005. Last year, PetroChina sold 101.25 million tons. (November 26, 2010)