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.


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