China, the second largest oil consumer in the world, plans to add 26.8 million cubic meters of oil storage capacity in the second phase of its strategic oil reserve expansion project, said the National Development and Reform Commission (NDRC), China's top economy planner.
NDRC did not disclose the detailed information on the location of the oil bases and the financial figures of the project.
According to NDRC's statement on its website, China will complete the construction of the first phase of its strategic oil reserve build-out, with a capacity of 16.2 million cubic meters, by the end of this year.
China will also commence construction of its first major refinery, with capacity of 200,000 barrels per day, in southwestern China's Sichuan Province this year. The Sichuan refinery is designed to process crude pumped from the northwestern Xinjiang autonomous region and Kazakhstan through a planned pipeline.
Construction of 10 nuclear reactors, with 1 gigawatt of capacity each and located in coastal Fujian, Zhejiang and Guangdong provinces, will be started within the year, said the economy planner.
NDRC did not disclose the detailed information on the location of the oil bases and the financial figures of the project.
According to NDRC's statement on its website, China will complete the construction of the first phase of its strategic oil reserve build-out, with a capacity of 16.2 million cubic meters, by the end of this year.
China will also commence construction of its first major refinery, with capacity of 200,000 barrels per day, in southwestern China's Sichuan Province this year. The Sichuan refinery is designed to process crude pumped from the northwestern Xinjiang autonomous region and Kazakhstan through a planned pipeline.
Construction of 10 nuclear reactors, with 1 gigawatt of capacity each and located in coastal Fujian, Zhejiang and Guangdong provinces, will be started within the year, said the economy planner.