Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Oil drop fuels reserves building
By Fu Chenghao |
April 15, 2009, Wednesday
|
Print Edition
Print Edition
CHINA aims to build emergency petroleum reserves that could meet 90 days to 100 days of consumption, said Zhang Guobao, head of the National Energy Administration.
The target is equivalent to the level of the Organization for Economic Cooperation and Development, which includes 30 nations including the United States, Germany and Japan, Zhang was quoted by a newsletter of China National Petroleum Corp as saying yesterday.
China is taking advantage of the drop in oil prices, now at around US$50 a barrel, to build stockpiles. They had hit a record high of US$147 in July.
China's net crude imports rose to 15.87 million tons, or 3.73 million barrels a day, in March, the highest in eight months, customs data showed on Friday.
"Strategic oil stockpiling to exploit the bottom of the price cycle, as well as normal commercial purchases, might have accounted for this higher-than-expected March import figures," said Mirae Asset analyst Gordon Kwan.
The government has filled the first batch of four petroleum reserves along the east coast, which hold the equivalent of 30 days of oil imports, the newsletter said.
It plans to start building eight storage sites in the second phase this year, which will include some underground caverns and bases in inland regions, Zhang said.
China Shipping (Group) Co President Li Shaode had earlier proposed the government use some of its foreign exchange reserves to invest in floating oil reserves.
The target is equivalent to the level of the Organization for Economic Cooperation and Development, which includes 30 nations including the United States, Germany and Japan, Zhang was quoted by a newsletter of China National Petroleum Corp as saying yesterday.
China is taking advantage of the drop in oil prices, now at around US$50 a barrel, to build stockpiles. They had hit a record high of US$147 in July.
China's net crude imports rose to 15.87 million tons, or 3.73 million barrels a day, in March, the highest in eight months, customs data showed on Friday.
"Strategic oil stockpiling to exploit the bottom of the price cycle, as well as normal commercial purchases, might have accounted for this higher-than-expected March import figures," said Mirae Asset analyst Gordon Kwan.
The government has filled the first batch of four petroleum reserves along the east coast, which hold the equivalent of 30 days of oil imports, the newsletter said.
It plans to start building eight storage sites in the second phase this year, which will include some underground caverns and bases in inland regions, Zhang said.
China Shipping (Group) Co President Li Shaode had earlier proposed the government use some of its foreign exchange reserves to invest in floating oil reserves.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
