China's strategic oil reserve capacity will reach 274 million barrels before the end of next year

"China Securities Journal" quoted an undisclosed government official as saying today that China will accelerate the construction of eight crude reserve bases specified in the second phase of its strategic plan.

According to the Chinese government official, China’s total strategic oil reserve capacity will increase from 178 million barrels last year to 274 million barrels by the end of 2012.

Reuters quoted an article in the China Securities Journal as saying that China’s plan to build the third phase of the strategic oil reserve is currently under implementation and this plan will be completed by 2020.

When the Phase 3 Strategic Petroleum Reserve Plan is completed, China will have the capacity to store 85 million tons of oil at the time, which is equivalent to 90 days of China’s net oil imports. If you add commercial oil reserves, China’s total oil reserve capacity will reach 100 days of net oil imports.