China Hainan eyes 20m tonnes of oil reserves

The southern Chinese island province of Hainan has applied to build oil storage tanks with capacity of up to 20 million tonnes for both commercial and state oil reserves, vice governor Fang Xiaoyu said today.

This includes a capacity of 5-10 million tonnes (36-72 million barrels) of commercial reserves and 10 million tonnes of state strategic reserves, Fang told reporters on the sidelines of the Boao Forum.

Hainan has applied to the National Energy Administration and the National Development and Reform Commission to build the tanks in Yangpu, the same port where top Asian refiner Sinopec Corp
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