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CNPC accelerates commercial oil reserve construction

By Zhao Tingting (chinadaily.com.cn)
Updated: 2010-01-20 14:42

China National Petroleum Corp (CNPC), the country's largest oil and gas producer, has started to fill its commercial oil reserve tanks in Dalian, Shanghai Securities News reported on Wednesday.

CNPC, parent of PetroChina, also plans to build an oil hub in Chongqing municipality. All these moves mark CNPC's enhancement of its commercial oil reserve program.

The new oil reserve project in Dalian, with a total storage capacity of 240,000 cubic meters, required an investment of 257.4 million yuan, the report said.

The project comprises five 20,000-cubic-meter gasoline tanks, four 30,000-cubic-meter diesel oil tanks and a 20,000-cubic-meter diesel oil tank.

According to the report, CNPC's several other commercial oil reserve projects have started construction, and will be operational later this year.

The construction of CNPC's oil reserve project in Chongqing started on January 10, 2010, and was scheduled to be operational by the end of August.

The 400-million-yuan project was designed to become the largest oil hub in Southwest China, with a total storage capacity of 3,000,000 cubic meters.

CNPC's commercial oil reserve program is not part of China's national strategic oil reserve program, but will supplement it.

"Both enterprises' commercial oil reserve and the country's national strategic oil reserve are modes to ensure China's oil security", said Deng Yusong, an official with the Development Research Center of the State Council.