| Home | News| Living in China| MMS | SMS | About us | Contact us|
   
 Language Tips > Business news
Updated: 2005-06-24 17:00
 
China to fill petroleum reserve this year

中国将从2005年开始首次进行战略石油储备,以适应蓬勃的经济增长对能源的需求。

 

An undated file photo shows the construction site of the Zhenhai oil reserve
An undated file photo shows the construction site of the Zhenhai oil reserve

China will start filling its first strategic petroleum reserve this year, China Central Television (CCTV) said Thursday amid efforts to ensure energy supplies for the country's booming economy.

Plans call for China to build groups of storage tanks at four locations.

The first 16-tank facility to be filled is in the city of Zhenhai in the eastern province of Zhejiang, south of Shanghai, CCTV said, citing Wang Mingji, vice chairman of state-owned China Petroleum & Chemical Corp.

The reserve is meant to cushion China against possible interruptions of foreign supplies. Previous reports said Beijing plans to stockpile up to 100 million barrels of petroleum, or the equivalent of almost a month's national consumption.

The United States operates a similar reserve.

China's reserve is to be overseen by a government commission created this year to coordinate energy policy and supervise state-owned oil companies and other resources.

China supplied its own energy needs for decades from domestic oil fields, but became a net petroleum importer in the 1990s. Driven by a booming economy, it has quickly risen to become the world's second-biggest oil importer, after Japan.

Plans call for three other reserve facilities in Daishan in Zhejiang, Huangdao in Shandong province southeast of Beijing and in Xingang in Liaoning province in the northeast. 

(China Daily)

 

Vocabulary:
 

tank: 桶、箱、罐、槽

cushion: 缓和;减轻(压力);保护…免于艰苦

 

 
Go to Other Sections
Story Tools
Related Stories
· Closer economic links with Ireland urged
· Cross-Straits co-op takes step
· Dairy industry shunned by public
more
 
Copyright by chinadaily.com.cn. All rights reserved

版权声明:未经中国日报网站许可,任何人不得复制本栏目内容。如需转载请与本网站联系。
None of this material may be used for any commercial or public use. Reproduction in whole or in part without permission is prohibited.