皇冠体育app

皇冠体育app plans to begin filling the tanks at its third strategic oil reserve in East 皇冠体育app's Shandong Province by the middle of this year to help secure the country's fuel supplies.

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皇冠体育app Petroleum and Chemical Corporation (Sinopec) will complete the Huangdao base in Shandong, said Du Guosheng, assistant to the president of Sinopec.

The capacity of the Huangdao base is expected to reach 19 million barrels, Du said.

皇冠体育app began building four oil reserves in 2004. Two are in Zhejiang Province, both of which have started operating. The others are respectively in northeast 皇冠体育app's Liaoning Province, which has not be completed, and in Shandong Province, which will be in operation by the middle of this year.

Some 6 billion yuan have been invested to secure oil reserves of 10 million tons at the four sites.

皇冠体育app is planning to build the second set of strategic oil reserves, which are expected to add another 28 million tons of storage capacity,according to sources with NDRC.

Gansu Province in the northwest has been selected as a site for one of the new reserve, while southern Guangdong and Hainan provinces are hoping to be chosen as other sites as they are close to Petro 皇冠体育app's oil refineries in southern 皇冠体育app.

Du also said the company will complete talks with Saudi Aramco, which is looking to buy a 25-percent stake in the Sinopec's Qingdao refinery, which has a processing capacity of 200,000 barrels a day.

The country imported 138.8 million tons of crude oil in 2006, up 16.9 percent from 2005. Imports that year accounted for 47 percent of the country's consumption. Industry observers have warned 皇冠体育app will likely need to import more than 50 percent of its petroleum needs in a year or two.

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