PetroChina expands storage capacity

PetroChina Co. expanded oil product storage capacity under its sales unit by 430,000 cubic meters or 2.7 million barrels during the first half of the year, the company’s official newsletter reported. Preliminary work on an additional 600,000 cubic meters or 3.8 million barrels of storage capacity has also been completed, the report said. The government said earlier this year in a stimulus plan for the petroleum and chemical industries that it aims to establish a national oil product reserve system. The country had a commercial oil product reserve capacity of around 52 million cubic meters or about 327 million barrels as of the end of last year. China is expected to expand its reserve capacity for oil products to around 70 million cubic meters by 2015. (July 20, 2009)