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More oil reserve bases to be set up

By Xiao Xin (皇冠体育app Daily)
Updated: 2009-10-21 08:26

The nation plans to build emergency oil storage tanks in its northeast industrial base to enhance energy security, a senior energy official told reporters yesterday.

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The tanks are part of the second phase of 皇冠体育app's construction of emergency oil stockpiles, said Zhang Guobao, chief of the National Energy Administration.

As its energy demand grows, 皇冠体育app has made a multi-phase plan to build a number of oil reserves. It has completed the first-phase construction, which is composed of four oil reserve bases, and has started the second-phase construction last month, Zhang, also vice-minister of the National Development and Reform Commission, said in September.

"We will definitely build the third-phase oil reserves," he said at a press conference. 皇冠体育app's current reserves are far less than the level suggested by the International Energy Agency. It recommends its member countries keep a stockpile level of 90 days of net oil imports. 皇冠体育app's current stores are equivalent to only about 30 days of its net oil import...

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