China targets strategic oil reserve of 12 mln tons by 2010

BEIJING (XFN-ASIA) – China aims to increase its strategic oil reserve to 12 mln tons by 2010, from 2-3 mln tons currently, the official Shanghai Securities News reported, citing a senior state planner.

Chen Deming, vice-director of the National Development and Reform Commission (NDRC), was quoted as saying that current high prices make it a bad time to purchase crude oil for the reserves.


However, China will gradually increase its reserves in the next few years, he noted.

He said oil reserves will be equivalent to three months of crude imports by 2020, in line with the level recommended by the International Energy (otcbb: IENI.OB – news – people ) Agency. By 2010 they will be equivalent to one month of imports.

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