Official: Phase one of China's oil reserve completed
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The first phase of China's strategic oil reserve has completed construction. |
China's strategic oil reserve has completed construction of its first phase and currently holds the equivalent of 30 days of oil imports, the National Business Daily reported Wednesday.
According to Wang Qingyun, director of the State Reserve Bureau of the National Development and Reform Commission, the oil reserve consists of 75 percent crude oil and 25 percent oil products.
The reserve's second phase of construction has not yet begun, as relevant regulators discuss its future location, Wang said.
According to the stock requirements for International Energy Association (IEA) member countries, crude oil holdings should be equivalent to 90 days of net petroleum imports.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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