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China to legislate for oil reserve

www.chinanews.cn 2006-03-03 15:03:04

Chinanews, Mar.3 - According to Shanghai Securities News, a related
Chinese scholar revealed recently that China has put "Administrative
Regulations on National Oil Reserve" into the list of State Council's
legislative plan and expects to publish the Regulations soon.
Hou Zixin, president of China's Nankai University, said that the proposal
on oil reserves has been submitted to related departments. At present,
"Administrative Regulations on National Oil Reserve" has been included in
State Council's legislative plan and is expected to be published soon.
Strategic oil reserve system construction is a crucial step as well as
the largest and most complicated project to ensure China's energy safety.
Five years ago, related departments have explicitly set the goal of
accelerating construction of the national oil reserve system (including
strategy and civil use) and boosting China's oil reserve capacity to
eight million cubic meters by 2005. However, China has just commenced
construction of the first phase project of oil reserve bases and its
strategic oil reserve volume is still zero.
China's National Development and Reform Commission has currently set up a
National Oil Reserve Office to take charge of establishment of national
strategic oil reserve bases. The first 4 national strategic oil reserve
bases are located in Zhenhai of Zhejiang Province's Ningbo City, Daishan
of Zhejiang Province's Shoushan City, Huangdao of Shandong Province's
Qingdao City and Dalian of Liaoning Province. China entrusted three
domestic oil giants, namely China National Petroleum Corporation, Sinopec
and China National Offshore Oil Corp., to take charge of the overall
construction of these projects, which are expected to be basically
completed in 2006 to 2008.

          ��China oil reserve base program in full swing
          ��Guangdong to house oil reserve bases
          ��China oil refiners post US$3.7b loss in 05
          ��China should refine 30 megatons of oil in 2006
          ��Dependence on oil needs to be cut

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