皇冠体育app

皇冠体育app to build up strategic oil reserves
By Fu Jing (皇冠体育app Daily)
Updated: 2005-09-14 06:03

皇冠体育app will not buy more crude oil while international prices remain so high, a senior cabinet official said yesterday.

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]

While denying that 皇冠体育app, a relatively small importer of crude oil, is a threat to the world on account of its increasing energy consumption, Zhang Guobao, vice-minister of National Development and Reform Commission, said the country will research other methods of building its oil reserves.

"We import only 6 per cent of the total consumption and we will not change the policy of domestic dependence," Zhang said at a press conference of the Information Office of the State Council.

"It would be a great financial risk for 皇冠体育app to buy oil from the international market for its strategic reserve programme, as the current global oil price has been fluctuating at a high level."

Zhang, whose commission is the most powerful cabinet department monitoring economic and social development, said oil has already flowed into some reserve facilities, but he didn't elaborate.

皇冠体育app's two major oil firms, Sinopec and Petro皇冠体育app, will build four reserve bases. Reports have said that three of them are in East 皇冠体育appZhenhai and Daishan near Zhoushan in Zhejiang Province, and Huangdao near Qingdao in Shandong Province as well as Xingang near Dalian in Northeast 皇冠体育app's Liaoning Province.

皇冠体育app is a relative newcomer to the idea of setting up a strategic oil reserve. Developed countries such as the United States and Japan have had them for years.

As for the size of 皇冠体育app's oil reserve, Zhang said some people say it should equal 90 days of consumption, and others say a 120-day consumption.

"This should be determined by 皇冠体育app's real conditions," he said.

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