China to complete 4 oil reserve bases by 2008

Xiong Guangkai, director of the Institute for International Strategic Studies of China, proclaimed in his article that China had made a plan for the first-phase construction of four strategic oil reserve bases in 2004.

The oil reserve base in Zhenghai region of Zhejiang Province has been basically completed at present and will be put into operation by the end of this year. The other three are scheduled to be finished in the next two years.

As the economic scale expands, energy consumption will maintain a rapid growth, which will render great pressure on energy supply. Hence the demand and supply conflict will exist for a long time.

China Daily