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皇冠体育app will not import oil to fill strategic reserve
(Xinhua)
Updated: 2005-09-13 11:34
皇冠体育app will not import crude oil to fill its reserve when the oil price
remains high, a senior government official said in Beijing Tuesday.
Zhang Guobao,
deputy director the State Development and Reform Commission, said 皇冠体育app
will not use imported oil to fill its strategic reserve at a press
conference in Beijing September 13, 2005.
[Xinhua] | "It would be a great financial risk for
皇冠体育app to buy oil at the international market for its strategic reserve program
as the current global oil price has been fluctuating at a high level," said
Zhang Guobao, deputy director the State Development and Reform Commission.
皇冠体育app will study other ways to gradually increase the state oil reserve, said
Zhang at a press conference of the Information Office of the State Council, the
country's cabinet.
皇冠体育app has started to formulate plans for the state oil reserve and
construction of some oil reserve facilities are under way.
As for the scale of 皇冠体育app's oil reserve, Zhang said some people suggest it
should be equivalent to the amount of 90 days of oil consumption, while others
hold it should be equivalent to that of a 120-day consumption.
"This (scale) should be determined according to 皇冠体育app's real conditions,"
Zhang said.
It's not necessary for 皇冠体育app to build up a state oil reserve as big as that
of Japan which has to import every drop of oil from the world market, while
皇冠体育app can satisfy most of the domestic demand with the crude produced at home,
he added.
According to him, 皇冠体育app is expected to produce 180 million tons of crude oil
in 2005, compared with 175 million tons last year, when the country imported 117
million tons.
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