BIZCHINA / Weekly Roundup
China to build strategic oil reserve bases
(People's Daily Online)
Updated: 2006-06-01 11:16
In 2004, China launched its phase I project to build four strategic
petroleum reserve bases. Among them, the one in Zhenhai, Zhejiang
Province, will be put into use at the end of this year, and the other
three in Daishan, Zhejiang Province, Huangdao Shandong Province and
Dalian, Liaoning Province will be completed in 2007 or 2008, according to
an article by Xiong Guangkai, director of China Institute for
International Strategic Studies.
The article says China ranks the second in energy production and energy
consumption worldwide, but the per capita oil holding is lower than half
of the world average. With the development of Chinese economy,
industrialization and urbanization, China will face increasing demand of
energy.
To balance the supply and demand in energy, China is taking measures and
has given energy efficiency high priority. Building a
resources-conserving society and decreasing by 20 percent of energy
consumption per unit of GDP (gross domestic product) are laid out in the
11th Five-Year Program (2006-2010).
In addition, China will speed up development of alternative energy and
increase import of oil from Russia, Middle Asia, Africa and Latin America
besides Middle East.
(For more biz stories, please visit Industry Updates)
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