10/18/2006

China NDRC official confirms strategic oil fill - China Institute - University of Alberta

China NDRC official confirms strategic oil fill
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October 16, 2006
Reuters News


BEIJING, Oct 17 (Reuters) - A senior official from China's top economic planner on Tuesday confirmed that Beijing had begun pumping crude into newly built strategic oil reserve tanks, but did not say how much had been filled or when the stockbuild would be completed.

"We are currently in the process (of filling), it is very hard to say how much has already gone in," Jiang Weixin, vice chairman of the National Development and Reform Commission (NDRC), told reporters.

He declined to go into detail about the source of the supplies or the timing for filling the tanks in Zhenhai.

Official media and port sources said last week that China had pumped Russian crude into its first emergency reserve facility in August, the first hard evidence that the stockbuild was underway. As much as 3 million barrels of seaborne crude has been delivered, sources said, filling about a tenth of its capacity.

The strategic reserves are a cornerstone of China's plan to address its growing vulnerability to supply disruptions and volatile world markets. A net exporter less than 15 years ago, China now imports nearly half its crude oil needs.


China NDRC official confirms strategic oil fill - China Institute - University of Alberta

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