First stage of oil reserves established

Lower crude prices giving nation and firms chance to build up supplies

China has established the first phase of its strategic oil reserves with a crude storage capacity of 12.43 million metric tons, the National Bureau of Statistics said on Thursday in an online statement.

The first phase has four oil bases, one each in Zhoushan and Zhenhai in Zhejiang province, Dalian in Liaoning province and Huangdao in Shandong province.