Strategic petroleum reserves revealed for first time
November 24, 2014 Category Macro-economy, Weekly
The National Bureau of Statistics (NBS) has revealed for the first time the amount of China’s strategic petroleum reserves. Held at four locations, the reserves totaled 12.43 million tons of crude oil, or about 91 million barrels. The four reserve bases are in Zhoushan (3.98 million tons), Zhenhai (3.78 million tons), Huangdao (2.5 million tons) and Dalian (2.17 million tons). The stockpile amounts to roughly nine days’ consumption, far below the international standard of reserves covering three months of imports. But the figure only accounts for the first phase of a plan to build petroleum reserves, and China is expected to build up more in the coming years. Moreover, the figure does not include commercial reserves, stockpiled at China’s state-owned petroleum companies. In July, U.S. Secretary of Energy Ernest Moniz and Wu Xinxiong of the National Energy Administration (NEA) signed a memorandum of understanding for cooperation on strategic petroleum reserves, the South China Morning Post reports. China intends to finish construction of the second phase of its oil-reserves infrastructure, holding nearly 200 million barrels, by 2020. China imports about 60% of its oil. This year, it produced about 4.5 million barrels of liquified oil a day, 93% of which was crude oil.
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