China increases crude oil reserve


Beijing, Aug 11 (IANS): China imported 30.7 million tonnes of crude oil this July, a record high and a year-on-year growth of 29 percent, according to data released by the General Administration of Customs.

As the international oil price keeps dropping, China has quickened its pace in increasing its crude oil reserve, People's Daily reported on Tuesday.

Strategic oil reserve plays a significant role in national security. China's crude oil reserve capacity is still low.

In 2013, China's daily oil consumption was about 1.39 million tonnes, that meant that the country's crude oil reserve could only support 22.7 days of use.

By the end of 2013, China's strategic crude oil reserve capacity reached 141 million barrels, according to a report released by China National Petroleum Corporation in 2014.

China begun to construct a big crude oil reserve base in 2003. The planning of National Development and Reform Commission shows that the base, with a reserve capacity of 70 million cubic metres would be completed before 2020.

 

  

Top Stories


Leave a Comment

Title: China increases crude oil reserve



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.