China Will Complete 4 Oil Reserves (10+ Million Tons) This Year - AFP

[hatrack]

China will complete construction of four strategic oil reserve facilities this year, boosting its storage capacity by up to 12 million tons, state media reported Monday. Ma Kai, minister of the National Development and Reform Commission and director of the National Energy Office, said four petroleum bases with a total storage capacity of between 10 and 12 million tons will be completed this year, Xinhua news agency reported.

Two oil reserve bases will be located in the eastern province of Zhejiang while another two will be located in Shandong and Liaoning provinces respectively, the report said.

Last month, China Daily said one of the stores in Zhejiang, located in the coastal city of Zhenhai, would be completed in August. The four strategic oil reserve bases are expected to hold supplies for at least 30 days, it said.

Ma said the construction of oil reserve facilities will accelerate between now and 2010, with a second and third phase -- each with a capacity of 28 million tons -- already in the pipeline, according to the report.

EDIT

http://www.terradaily.com/reports/China_To_Complete_Four_Strategic_Oil_Reserve_Facilities_This_Year_999.html

[Deja Q]

1. Will they pay what's translated to $3/gl?

Or, like DSL service and computers, will they pay pennies on the dollar?