Construction of petroleum reserves proceeding
By Wang Yu and Li Xiang | China Daily | Updated: 2011-07-23 08:07
TIANJIN - The construction of China's petroleum reserves is in full swing, with the capacity reaching a 36-day consumption level in the preliminary phase, said Li Shousheng, vice-chairman of China Petroleum and Chemical Industry Federation.
"China's petroleum strategic reserve is key to addressing the issues of the national economy and energy safety during the 12th Five-Year Plan period (2011-2015). There is a huge gap between the supply of, and demand for, energy. The energy safety problem would become very prominent if an emergency occurs," Li added.
Despite last year's record 200 million tons of oil output, oil consumption in China was as high as 440 million tons, more than 50 percent of which was imported from abroad.
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