China to build four major oil reserve bases

China will formally launch its strategic petroleum reserve program next year, as learned from related departments.
An oil reserve base in Zhenhai, Zhejiang Province is now under construction, which will be able to hold more than 5 million cubic meters oil when its first-stage project is completed next year.

Upon completion, the four bases will altogether form a government strategic reserve capability equivalent to the amount of crude oil imports in 10 days. Accounting the 21 days commercial oil reserve within the oil system nationwide, China’s overall oil reserve capacity will exceed 30 days of imports.

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