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China has no empty oil tank at present

www.chinanews.cn 2006-03-07 18:05:18

Chinanews, Mar 7 (By Tian Bing & Zhao Jianhua) - The fourth plenary
session of the Tenth National People's Congress held a press conference
in the Great Hall of the People this afternoon. Mr. Ma Kai, director of
the National Development and Reform Commission, said that at present
China has no empty oil tank.
When answering a reporter's question, Mr. Ma stated that petroleum is a
very important strategic resource which has a close bearing on economic
development, people's life and social stability. To prevent supply
failure and control oil prices, building a strategic reserve is an
international convention and sign of a matured nation. At present,
China's oil reserve is mainly commercial. China has just started to
construct its oil reserve system in 2004. According to the first-phase
plan, China will build 4 oil reserve bases and now the first one located
in Zhejiang's Zhenhai is almost finished and is expected to begin
operation at the end of this year.
Ma added that the remaining 3 oil reserve bases will be completed in 2007
and 2008. China has no empty oil tank at present. China will fill those
tanks with oil immediately upon their completion.

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