03-07-2006, 12:36 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>China to begin filling strategic oil reserve this year</b>
(Updated at 1800 PST)
BEIJING: China will start filling the first of its strategic oil reserve facilities by the year end, a senior planning official said Monday.
Ma Kai, chairman of the National Development and Reform Commission, told reporters that the first such facility will be built in Zhenhai in eastern China's Zhejiang province.
China has a key oil refinery at Zhenhai. Three other strategic oil reserve facilities will be ready in 2007-2008, Ma told a press conference on the sidelines of the annual session of China's parliament, the National People's Congress.
<b>China, which had been the only large oil-consuming country without a strategic oil reserve system, had previously not stocked its reserves due to high oil prices.</b>
<!--QuoteEnd--><!--QuoteEEnd-->
(Updated at 1800 PST)
BEIJING: China will start filling the first of its strategic oil reserve facilities by the year end, a senior planning official said Monday.
Ma Kai, chairman of the National Development and Reform Commission, told reporters that the first such facility will be built in Zhenhai in eastern China's Zhejiang province.
China has a key oil refinery at Zhenhai. Three other strategic oil reserve facilities will be ready in 2007-2008, Ma told a press conference on the sidelines of the annual session of China's parliament, the National People's Congress.
<b>China, which had been the only large oil-consuming country without a strategic oil reserve system, had previously not stocked its reserves due to high oil prices.</b>
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