By Xiao Wan (China Daily)
Updated: 2007-07-18 09:43

Oil reserves

To ease risks from fluctuating prices, domestic oil companies should expand stockpiles, said Han Xiaoping, a veteran energy analyst with China5e.com, one of the top energy websites in China.

PetroChina began building a commercial crude oil reserve facility in Northeast China's Liaoning Province in late June. The company plans to build another commercial crude oil reserve site in Northwest China's Xinjiang Uygur Autonomous Region.

Other top Chinese oil companies, such as Sinopec and Sinochem, have also embarked on construction of commercial crude oil reserve facilities, said an official with PetroChina.

China started to build its strategic reserve system in 2004 beginning with four facilities, two in Zhejiang, one in Shandong, and a fourth in Liaoning province.

The two bases in Zhejiang are now operational with a capacity of around 5 million tons each. The others are expected to start operations between late 2007 and early 2008.

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