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Oil reserve project done, operating
Print Edition
THE National Bureau of Statistics yesterday announced that the first phase of the oil reserve project has been complete and operational.
The reserve project has a total oil storage capacity of 16.4 million cubic meters, with actual oil reserves totaling 12.43 million tons, an NBS statement said.
The phase-one project consists of four oil reserve bases, namely the Zhoushan and Zhenhai bases in east China’s Zhejiang Province; Dalian base in northeast China’s Liaoning Province; and Huangdao base in east China’s Shandong Province, the statement said.
The state strategic oil reserve base program was launched in 2004 as a way to offset oil supply risks and reduce the impact of fluctuating energy prices worldwide on the domestic market for refined oil.
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