July 29, 2009

China to Stock Additional 170 Million Barrels of Oil

Beijing's National Development and Reform Commission has approved an expansion of the Aoshan Strategic Petroleum Reserve site in coastal Zhejiang Province.

China finished the first phase of its strategic reserve program already this year, stocking 102 million barrels in four locations in Zhejiang, Shandong, and Liaoning provinces, all along China's vulnerable coastline. The second phase will move strategic locations inland and fill an additional 170 million barrels. Work is underway and the new locations are rumoured to be in Caofeidian, in northern Hebei Province, Shanshan, in western Xinjiang, Lanzhou, in Gansu Province, and Wanzhou, in Chongqing Municipality.

By building its strategic petroleum reserves some analysts maintain China causes price spikes in crude oil.....

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price of oil is well below $70 per bbl thanks to china stock piling.
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