China builds four oil reserve bases

Jun 29, 2004 02:00 AM

China has started building four oil reserve bases as part of efforts to shore up dwindling supplies, officials from the National Development and Reform Commission (NDRC) said.
The bases are being built in the eastern provinces of Zhejiang, Shandong and Liaoning, said an official surnamed Su from the NDRC's energy research bureau.

Earlier, the four storage areas were said to hold 30 days of supplies, well below the International Energy Agency requirement that its 26-member countries have oil reserves of 90 days.
China is not expected to have 90 days of reserves until 2015 when additional oil storage bases would be completed, researcher Yang Qing, at the NDRC's energy research bureau, said.

Source: AFP
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