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PetroChina adds 1.5m cu m of oil storage capacity

By Xiao Wan (China Daily)
Updated: 2009-10-20 10:08

China National Petroleum Corp (CNPC), the country's leading oil and gas producer, added 1.5 million cu m of oil storage capacity in the first three quarters of this year, the company said yesterday.

CNPC had also completed early-stage works for 24 oil storing projects from January to September, the company said in a statement on its website, without elaborating.

China's leading oil companies like CNPC and Sinopec have all accelerated the construction of their own commercial oil stockpile. Sinochem Corp is likely to complete a 2-million-cu-m oil reserve in Zhoushan in Zhejiang province next year, sources close to the project earlier told China Daily.

Related readings:  PetroChina Xinjiang to boost oil storage by 60%  China oil reserve full, sea storage needed  PetroChina first-half net income slumps 7.2% on lower oil prices  PetroChina's Dushanzi refinery starts operations

Sinochem, which is also the country's fourth largest oil company, has already finished the first phase with over 1 million cu m, said an executive familiar with the project, who declined to be named.

China has now completed construction of the first four State strategic oil reserve bases, which are respectively in Zhenhai and Zhoushan in Zhejiang, Huangdao in Shandong province, and Dalian in Liaoning province. The country will work to increase its strategic oil reserves capacity to 90 days, according to the National Energy Administration.