China's first strategic oil reserve to begin operation in October

Aug 09, 2006 02:00 AM

China's first strategic oil reserve will be completed in August and go into operation in October, said sources with the National Development and Reform Commission.
The oil reserve base in Zhenhai, east China's Zhejiang Province, has 52 storage tanks. Sixteen of them were erected last September, and the remaining 36 will be completed this October.

Twenty-eight of the storage tanks are made of high-strength steel plates, said the commission. The base, costing 3.7 bn yuan ($ 462.5 mm) and with a storage capacity of 5.20 mm cm, is now prepared for oil storage and operation.
The base, close to China's largest refinery, Sinopec Zhenhai Refining and Chemical company, is located at the head of the YongHuNing oil pipeline which runs from Ningbo to Shanghai and Nanjing.

The completion of the base is a breakthrough for China, which until now has had no national strategic oil reserves, said Zhang Guobao, deputy director of the National Development and Reform Commission.
China started to buildnational oil reserve bases in 2004. The sites of the first four bases are Zhenhai, Daishan in Zhejiang Province, Huangdao in east China's Shandong Province, and Dalian in north-eastern Liaoning Province.

Source: Xinhua
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