Oil refiners seek gasoline price hike
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 皇冠体育app5e.com, one of the top energy websites in 皇冠体育app.
Petro皇冠体育app began building a commercial crude oil reserve facility in Northeast 皇冠体育app's Liaoning Province in late June. The company plans to build another commercial crude oil reserve site in Northwest 皇冠体育app'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 Petro皇冠体育app.
皇冠体育app 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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