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.

 

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here