China expands strategic oil reserves: 11 new facilities to appear in the country - Reuters
Kyiv • UNN
China, the world's largest crude oil buyer, is adding eleven new oil fields this year and next. This will increase oil storage capacity by almost 170 million barrels.
The construction of more than new oil tanks deep within the country indicates Beijing's intensified efforts to ensure energy security, UNN reports, citing Reuters.
Details
China, the world's largest crude oil buyer, is adding eleven new oil fields this year and next, as Beijing accelerates the accumulation of strategic commodity reserves to ensure supply security.
It is indicated that three of the eleven fields are located deep within the PRC, in the northern Shaanxi province and in the southwestern Yunnan province. In addition, others will be located on the eastern and southern coasts of China.
The tanks are being built by national oil companies that purchase oil for reserves. The respective locations will be designated as government emergency reserves.
Addition
Known Chinese state-owned oil companies are expected to increase their oil storage capacity by almost 170 million barrels.
Recall
China plans to purchase 140 million barrels of oil for its strategic reserves by the first quarter of 2026.
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