QINGDAO, China - China has already begun adding refined fuel to its state reserves as part of a larger plan to enhance the country's energy security, a top economic planner said on Sunday.
In May, an industry official told Reuters China planned to stockpile 10 million tons of fuel reserves by 2011, equivalent to about two weeks' of current consumption of gasoline, diesel and kerosene combined.
"We are doing this already," Zhang Guobao, head of the National Energy Administration, told Reuters when asked how much refined fuel China intends to stockpile this year. He did not elaborate.
Chinese officials have said they want to use a fall in prices over the past year to stock up on crude oil, since China depends on imports for around half of its crude oil needs, a proportion that is expected to continue growing.
They have also said they intend to stockpile 3 million tons of oil products this year, a goal which was dismissed as practically impossible in May by a researcher at a think-tank run by the country's top oil refiner, Sinopec Group.
China has completed plans for a second phase of strategic crude oil reserves with capacity of 26.8 million cubic meters or 170 million barrels, after filling its first four storage tanks totaling 16.2 million cubic meters, or 102 million barrels.
Zhang, who is also vice head of the National Development and Reform Commission, said China will finish construction of tanks for the second phase within three to four years, confirming earlier media reports.
It plans to finish building oil tanks capable of holding 170 million barrels by 2020, for the third phase of its strategic petroleum reserve plan, domestic media reported this week.
Including all three stages, China's reserve capacity will equal 440 million barrels of crude oil by 2020, equivalent to roughly 105 days of net imports at current rates.
In May, an industry official told Reuters China planned to stockpile 10 million tons of fuel reserves by 2011, equivalent to about two weeks' of current consumption of gasoline, diesel and kerosene combined.
"We are doing this already," Zhang Guobao, head of the National Energy Administration, told Reuters when asked how much refined fuel China intends to stockpile this year. He did not elaborate.
Chinese officials have said they want to use a fall in prices over the past year to stock up on crude oil, since China depends on imports for around half of its crude oil needs, a proportion that is expected to continue growing.
They have also said they intend to stockpile 3 million tons of oil products this year, a goal which was dismissed as practically impossible in May by a researcher at a think-tank run by the country's top oil refiner, Sinopec Group.
China has completed plans for a second phase of strategic crude oil reserves with capacity of 26.8 million cubic meters or 170 million barrels, after filling its first four storage tanks totaling 16.2 million cubic meters, or 102 million barrels.
Zhang, who is also vice head of the National Development and Reform Commission, said China will finish construction of tanks for the second phase within three to four years, confirming earlier media reports.
It plans to finish building oil tanks capable of holding 170 million barrels by 2020, for the third phase of its strategic petroleum reserve plan, domestic media reported this week.
Including all three stages, China's reserve capacity will equal 440 million barrels of crude oil by 2020, equivalent to roughly 105 days of net imports at current rates.
