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China to build third phase strategic oil reserves

China will "certainly" build a third phase of strategic oil reserves to meet international standards of reserve capacity, Zhang Guobao, head of the National Energy Administration said Friday.

Zhang, also vice minister of the National Development and Reform Commission, said China was aiming for enough oil reserve to cover 90 days, the standards of Organization for Economic Co-operation and Development (OECD).

China's oil reserves at present is far from meeting that standard, he said.

China started building a 5.4-million-cubic-meter strategic oil reserve in Dushanzi, Karamay City in the far western Xinjiang region Thursday in its latest effort to ensure energy security. It is part of the second phase and has a planned total storage capacity of 26.8 million cubic meters.

China had filled the first phase of four strategic oil reservesin Zhenhai, Huangdao, Dalian and Zhoushan earlier the year, said the National Energy Administration.

 Source : Xinhua  Editor: Ivy
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