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The price of international crude oil prices has continued to soar, and it has exceeded US$90 per barrel, setting a new high since October 2008. According to monitoring by the National Development and Reform Commission, oil prices in the international market oscillated upward in 2010, and the average annual price rose by about 28% from 2009. The high international oil price coupled with the recent “oil shortage†in China has caused people to “worry†about the construction of the China’s strategic oil reserve base that is advancing.
China's petroleum strategic reserve will reach 90 days of imports in 2020 Since entering autumn and winter in 2010, many regions in the eastern and southern parts of China have suddenly experienced severe shortages of diesel fuel, but they will soon ease. Analysts believe that the establishment of the National Petroleum Reserve Center in December 2007 has played a crucial role in the supply shortage of similar refined oil products.
It is understood that the discussion on the establishment of China's petroleum strategic reserve began in 2000. In the same year, China’s net import of crude oil was 60 million tons, and its foreign dependence was still less than 30%. At the time, 80% of imported crude oil came from the Middle East, and imports depended on a single, long sea route. Based on the consideration of avoiding shortage or interruption of crude oil supply, NDRC, the Ministry of Communications, shipping companies, and oil companies formed discussion groups to study the diversification of oil sources and establish oil reserves.
After the increase in oil prices in 2003, China’s crude oil imports also increased significantly. In 2003, it was 80 million tons in 2004 and 120 million tons in 2004. It increased to 150 million tons in 2007. It exceeded 200 million tons for the first time in 2009. The degree of dependence on foreign oil has exceeded 50% for many years. The establishment of oil reserves has ensured that the country’s energy security has become More and more urgent.
On December 18, 2007, the National Development and Reform Commission announced that the China National Petroleum Reserve Center was formally established to strengthen China’s strategic oil reserve construction and improve the oil reserve management system. The decision-makers decided to complete the construction of the oil reserve base in three phases in 15 years.
The first four strategic oil reserve bases invested by the government in China are located in Zhoushan and Zhenhai, Zhejiang, Dalian in Liaoning, and Huangdao in Shandong, respectively. They were put into use in 2008. The total reserves of 16.4 million cubic meters, or about 14 million tons (according to the BP statistical data conversion standard, 1 cubic meter of crude oil equivalent to 0.8581 tons), equivalent to more than 10 days of crude oil imports in China, plus the domestic 21 days import volume of commercial With oil reserve capacity, China's total oil reserve capacity can reach 30 days of crude oil import volume.
The first phase of the oil reserve base project is mainly concentrated in the eastern coastal cities. In the second phase of planning, the inland areas will play an important role.
At the end of September last year, the construction of the Xinjiang Dushanzi National Petroleum Reserve Project marked the construction of the second phase of the oil reserve base. According to the plan, China will open eight second-phase strategic petroleum reserve bases, including Guangdong Zhanjiang and Huizhou, Gansu Lanzhou, Jiangsu Jintan, Liaoning Jinzhou and Tianjin.
It is reported that the third phase of China's strategic petroleum reserve is under planning, and all provinces and cities across the country are competing for approval of the reserve base. Chongqing Wanzhou District, Hainan Province and Caofeidian of Hebei Province all hope to be selected as the third phase of the project's oil storage. base.
It is understood that once the entire project is completed in 2020, China’s total reserve will reach a net oil import volume of about 100 days, raising the national oil reserve capacity to about 85 million tons, equivalent to 90 days of net oil imports. This is also International Energy Agency (IEA) stipulates the “reach mark†of strategic oil reserve capacity.
Oil reserves successfully implemented the "low suction strategy"
On December 28, 2010, the National Development and Reform Commission stated that from January to November 2010, China had cumulatively imported 218 million tons of crude oil, a year-on-year increase of 19.8%, and it is expected that the annual foreign oil dependence will be about 55%.
In recent years, China’s crude oil import data show that after the financial crisis, China’s crude oil imports have apparently recovered in April 2009. Since the beginning of the second quarter, crude oil imports have continued to maintain a high level, and in December of that year, a record high of 21,126,000 tons of monthly import history was recorded.
Statistics from the General Administration of Customs show that China imported 22.27 million tons of crude oil in June last year, an increase of 34% over the same period of 2009. In the first half of last year, monthly imports of crude oil were basically maintained at about 20 million tons. The continuous amount of imported crude oil has caused speculation in the market that the government is increasing strategic oil reserves.
In fact, China's crude oil strategic reserve is regarded as top secret and it is not announced. The only data related to inventory in China comes from the number of oil inventories issued by Xinhua News Agency at the end of each month. This figure does not cover the country's strategic reserves, mainly based on the stocks of PetroChina (11.24, -0.16, -1.40%) and Sinopec (8.46, 0.07, 0.83%), and covers some of the social stocks.
According to insiders from PetroChina, PetroChina has a group of 10 people who have information screening and oil price forecasting. This research department is rarely known to the public. It is responsible for providing crude oil and refined oil price forecasts and market decisions for CNPC, the world's top five oil giant.
These decision-making information are kept strictly confidential. According to the monthly, quarterly, and annual reports, they determine the short-term and medium-term market behavior of PetroChina. Each domestic oil company has almost a similar "think tank" department.
In fact, as early as August 11, 2007, the first batch of China's strategic petroleum reserve bases had begun to be filled with oil. On the same day, an oil tanker loaded with 140,000 tons of Russian Ural oil berthed at the Ningbo Port of Ningbo, and injected oil to the strategic oil reserve at Zhenhai Base, 18 kilometers away. This was the first oil that Zhenhai Base officially injected. Since August of that year, 3 million barrels of Russian Ural crude oil has been injected into the Zhenhai base, which is close to 10% of the total design of the base. This move also means that China’s strategic oil reserve system will achieve a zero breakthrough.
The Zhenhai Petroleum Reserve Base plans to build 52 oil storage tanks, each of which will store 100,000 cubic meters of oil. The design reserves 5.2 million cubic meters of oil and 32.7 million barrels of oil. Taking the average consumption of crude oil in China in the first five months of 2007 as an average of 701 million barrels per day, Zhenhai Base's oil reserves amount to approximately 4.6 days of consumption in the country.
The staff of Sinopec Zhenhai Petroleum Reserve Base stated that the first batch of crude oil reserves of the oil reserve base had been completed before 2008, and its oil price was 50 US dollars/barrel, and then the oil price rose to 147 US$/barrel.
Since October 2009, the world economy has come out of the trough and has begun to recover slowly. One of its main signs is that international oil prices have started to stabilize and rise, and the price of oil per barrel has exceeded the US$75 mark.
"Prior to the rise in oil prices, all the oil reserve bases that have been built have all been stored," said an insider who participated in the oil reserve. It is understood that the lowest crude oil price in 2009 was US$33/barrel before and after the Spring Festival. According to industry sources, "Even during the Spring Festival, the three major oil groups did not stop importing crude oil."
It is understood that in 2009, China’s national strategic oil reserve construction progressed smoothly. The first phase of the National Strategic Petroleum Reserve was completed at a cost of US$58/barrel, and its reserves are based on the level of domestic oil consumption in 2008, which is equivalent to 13 to 14 days of oil use in the country.
At the same time, the second phase of the National Strategic Petroleum Reserve has been planned and the total storage capacity is 26.8 million cubic meters. Some projects in 2009 have been completed or are under construction. The development of corporate commercial oil reserves has also made significant progress. Domestic oil companies have established a commercial oil reserve capacity of approximately 300 million barrels, of which Sinopec and PetroChina accounted for 50% and 40%, respectively.
At that time, China's oil storage cost averaged 58 US dollars per barrel, and the current international oil price has exceeded 90 US dollars per barrel.
Accelerate the construction of oil reserve system "immediately"
According to reports, petroleum reserve is a systematic construction process involving the factors of total volume, regional distribution, and ownership distribution. Now, China's oil reserve systemization construction has really started, essentially building government reserves and corporate reserves, and strategic reserves. Integrated oil reserve system combined with the obligation reserve.
Although the first batch of oil reserve bases in China has been completed and completed, the basic conditions for starting strategic oil reserves have been ensured from hardware such as oil storage facilities. However, there is still a series of work to be done to build an oil reserve system, such as the formulation of relevant laws and regulations on petroleum strategic reserves, the establishment of reserve operation and management agencies, the source of reserve oil products, the source of reserve funds, the location of new reserve bases, and compliance with China. Demand reserves, etc. need to be further studied.
Industry experts emphasized that as China’s oil reserve system has just started, it is difficult for us to guarantee oil supply and stabilize oil products in a short period of time when we face a large area of ​​“oil shortage†that frequently occurs due to imbalances in supply and demand in domestic and foreign markets and insufficient market supply. Market Order. Therefore, regardless of the domestic market or the external environment, accelerating the construction of China's oil reserve system is "with no delay."
It is understood that the Oil Reserves Act, which Japan began implementing in 1975, opened the prelude to its strategic resource reserve system. Since Japan started the national oil reserve system after the oil crisis of 1978, Japan's national oil reserve has rapidly increased from the amount used for 7 days to 102 days in 2008.
Today, Japan's oil reserves are under the unified management of the Ministry of Economy, Trade and Industry. According to the "Petroleum Reserve Law," countries and companies must store at least 90 days and 60 days of national consumption of oil, respectively. As of the end of last year, Japan’s oil reserves were about 600 million barrels, and government and private reserves were all above the standard line.
In fact, referring to the experiences of Europe, the United States, and Japan, China's oil reserve system is designed to be four levels, namely, the national strategic oil reserve, the local government oil reserve, the state-owned oil company's commercial reserve, and other small and medium-sized companies' oil reserves.
It is understood that the choice of China's oil reserve base needs to have three basic conditions: First, it should be close to deep-water ports, railway lines, and highway networks, and there should be excellent transportation and logistics conditions; second, it should be close to large-scale oil refineries and reserve bases at key moments. The processed oil can be processed locally to meet the needs. Third, it is close to the consumer market. Especially in the first phase of construction in China, the four bases are located in areas with high oil consumption in the southeast coast.
Of course, the choice of oil reserve base also needs to consider the geographic location of China's oil importing countries. The second phase of the site selection in Xinjiang is to take this into account.
In order to make full use of social resources and increase oil reserve capacity, in August 2010, the National Petroleum Reserve Center held a qualification bid to use the social storage capacity to store state oil reserves. The total capacity of the six companies that won the bid was 1.5 million cubic meters, which is equivalent to the Dalian State. Half of the total storage capacity of the oil reserve base.
The data shows that of the 230 million tons of total oil reserves of China’s private oil companies, the fully utilized inventory capacity is only several hundred thousand tons, less than one percent of the total, and the remaining inventory capacity is idle. Annual maintenance and management require high costs.
According to relevant persons from the National Development and Reform Commission, the bidding is expected to create a win-win situation, which will not only enhance the national oil reserve capacity, but also broaden the development space for private oil companies.
11 Major Strategic Petroleum Reserve Bases Ranked in Tianjin Petroleum Reserve Base (Sinopec Pipeline Company) (Phase 2)
The base has already begun construction. It plans to build a national strategic petroleum reserve tank containing 5 million cubic meters, and a commercial oil reserve tank with more than 5 million cubic meters, with a total storage capacity of 10 million cubic meters. It is expected that more than 6 million tons of oil can be stored and it is expected to become the largest oil reserve base in China.
Shanshan Oil Storage Base (EPC Project of Xinjiang Oilfield Company under PetroChina) (Phase II)
The total investment is 6.5 billion yuan, and after completion, 8 million cubic meters of storage capacity will be built. At the end of 2008, the first-phase project with a storage capacity of 1 million cubic meters was officially completed and put into operation. Crude oil from Kazakhstan also began to be stockpiled.
Zhoushan Petroleum Reserve Base (Sinochem Group) (Phase I and II)
In July 2010, it was approved by the relevant ministries and commissions. At the time, the total storage capacity was 5 million cubic meters. In 2009, it was approved to add 2.5 million cubic meters of reserve capacity. As part of China's second-phase oil reserve base construction plan, the total storage capacity will reach 7.5 million cubic meters.
Dushanzi Petroleum Reserve Base (Construction and Management of PetroChina Dushanzi Petrochemical Company) (Phase 2)
The start of construction in September 2009 marked the beginning of the construction of China's second-phase oil reserve base. The total planned size is 5.4 million cubic meters, and the investment amount is 2.65 billion yuan. It is expected to be completed in July 2011.
Zhenhai Petroleum Reserve Base (Sinopec) (Phase 1)
December 19, 2007 passed the national acceptance and became the first reserve base for delivery in the first batch of strategic petroleum reserve bases, and also the largest reserve base in the first phase of the project. The construction scale of 5.2 million cubic meters, a total of 52 oil storage tanks, has now all stored crude oil.
Huizhou Petroleum Reserve Base (CNOOC) (Phase II)
With the approval of the National Development and Reform Commission, Huizhou City, Guangdong Province has initially established a national oil reserve with a storage capacity of 5 million cubic meters.
Huangdao Petroleum Reserve Base (Managed by Sinopec Pipeline Company, formerly part of SASAC) (Phase 1)
The main project of the base includes 32 double-floating floating roof oil tanks and system supporting projects with a capacity of 100,000 cubic meters and a total storage capacity of 3.2 million cubic meters. It was formally put into operation in November 2008.
Dalian Petroleum Reserve Base (PetroChina) (Phase 1)
It has 30 100,000 cubic meters of oil storage tanks with a total storage capacity of 3 million cubic meters.
Lanzhou Petroleum Reserve Base (PetroChina Lanzhou Petrochemical Company) (Phase 2)
The total investment of the project is 2.378 billion yuan. The project mainly consists of 30 100,000 cubic meters of oil storage tanks with a total storage capacity of 3 million cubic meters. All projects are expected to be completed and put into use in the first half of 2011.
Jinzhou Petroleum Reserve Base (PetroChina) (Phase 2)
CNPC plans to build a national oil reserve base in Jinzhou Development Zone, Jinzhou groundwater sealing hole storage project, design storage capacity of 3 million cubic meters, plans to invest 2.26 billion yuan.
Jintan Petroleum Reserve Base (PetroChina) (Phase II)
The city of Jintan, Jiangsu Province, is an emerging salt city in China. It possesses the best rock salt mineral deposits in eastern China. Mining of pure salt forms a geological condition of 3 million cubic centimeters. Underground caverns can store petroleum and natural gas.
China's petroleum strategic reserve will reach 90 days of imports in 2020 Since entering autumn and winter in 2010, many regions in the eastern and southern parts of China have suddenly experienced severe shortages of diesel fuel, but they will soon ease. Analysts believe that the establishment of the National Petroleum Reserve Center in December 2007 has played a crucial role in the supply shortage of similar refined oil products.
It is understood that the discussion on the establishment of China's petroleum strategic reserve began in 2000. In the same year, China’s net import of crude oil was 60 million tons, and its foreign dependence was still less than 30%. At the time, 80% of imported crude oil came from the Middle East, and imports depended on a single, long sea route. Based on the consideration of avoiding shortage or interruption of crude oil supply, NDRC, the Ministry of Communications, shipping companies, and oil companies formed discussion groups to study the diversification of oil sources and establish oil reserves.
After the increase in oil prices in 2003, China’s crude oil imports also increased significantly. In 2003, it was 80 million tons in 2004 and 120 million tons in 2004. It increased to 150 million tons in 2007. It exceeded 200 million tons for the first time in 2009. The degree of dependence on foreign oil has exceeded 50% for many years. The establishment of oil reserves has ensured that the country’s energy security has become More and more urgent.
On December 18, 2007, the National Development and Reform Commission announced that the China National Petroleum Reserve Center was formally established to strengthen China’s strategic oil reserve construction and improve the oil reserve management system. The decision-makers decided to complete the construction of the oil reserve base in three phases in 15 years.
The first four strategic oil reserve bases invested by the government in China are located in Zhoushan and Zhenhai, Zhejiang, Dalian in Liaoning, and Huangdao in Shandong, respectively. They were put into use in 2008. The total reserves of 16.4 million cubic meters, or about 14 million tons (according to the BP statistical data conversion standard, 1 cubic meter of crude oil equivalent to 0.8581 tons), equivalent to more than 10 days of crude oil imports in China, plus the domestic 21 days import volume of commercial With oil reserve capacity, China's total oil reserve capacity can reach 30 days of crude oil import volume.
The first phase of the oil reserve base project is mainly concentrated in the eastern coastal cities. In the second phase of planning, the inland areas will play an important role.
At the end of September last year, the construction of the Xinjiang Dushanzi National Petroleum Reserve Project marked the construction of the second phase of the oil reserve base. According to the plan, China will open eight second-phase strategic petroleum reserve bases, including Guangdong Zhanjiang and Huizhou, Gansu Lanzhou, Jiangsu Jintan, Liaoning Jinzhou and Tianjin.
It is reported that the third phase of China's strategic petroleum reserve is under planning, and all provinces and cities across the country are competing for approval of the reserve base. Chongqing Wanzhou District, Hainan Province and Caofeidian of Hebei Province all hope to be selected as the third phase of the project's oil storage. base.
It is understood that once the entire project is completed in 2020, China’s total reserve will reach a net oil import volume of about 100 days, raising the national oil reserve capacity to about 85 million tons, equivalent to 90 days of net oil imports. This is also International Energy Agency (IEA) stipulates the “reach mark†of strategic oil reserve capacity.
Oil reserves successfully implemented the "low suction strategy"
On December 28, 2010, the National Development and Reform Commission stated that from January to November 2010, China had cumulatively imported 218 million tons of crude oil, a year-on-year increase of 19.8%, and it is expected that the annual foreign oil dependence will be about 55%.
In recent years, China’s crude oil import data show that after the financial crisis, China’s crude oil imports have apparently recovered in April 2009. Since the beginning of the second quarter, crude oil imports have continued to maintain a high level, and in December of that year, a record high of 21,126,000 tons of monthly import history was recorded.
Statistics from the General Administration of Customs show that China imported 22.27 million tons of crude oil in June last year, an increase of 34% over the same period of 2009. In the first half of last year, monthly imports of crude oil were basically maintained at about 20 million tons. The continuous amount of imported crude oil has caused speculation in the market that the government is increasing strategic oil reserves.
In fact, China's crude oil strategic reserve is regarded as top secret and it is not announced. The only data related to inventory in China comes from the number of oil inventories issued by Xinhua News Agency at the end of each month. This figure does not cover the country's strategic reserves, mainly based on the stocks of PetroChina (11.24, -0.16, -1.40%) and Sinopec (8.46, 0.07, 0.83%), and covers some of the social stocks.
According to insiders from PetroChina, PetroChina has a group of 10 people who have information screening and oil price forecasting. This research department is rarely known to the public. It is responsible for providing crude oil and refined oil price forecasts and market decisions for CNPC, the world's top five oil giant.
These decision-making information are kept strictly confidential. According to the monthly, quarterly, and annual reports, they determine the short-term and medium-term market behavior of PetroChina. Each domestic oil company has almost a similar "think tank" department.
In fact, as early as August 11, 2007, the first batch of China's strategic petroleum reserve bases had begun to be filled with oil. On the same day, an oil tanker loaded with 140,000 tons of Russian Ural oil berthed at the Ningbo Port of Ningbo, and injected oil to the strategic oil reserve at Zhenhai Base, 18 kilometers away. This was the first oil that Zhenhai Base officially injected. Since August of that year, 3 million barrels of Russian Ural crude oil has been injected into the Zhenhai base, which is close to 10% of the total design of the base. This move also means that China’s strategic oil reserve system will achieve a zero breakthrough.
The Zhenhai Petroleum Reserve Base plans to build 52 oil storage tanks, each of which will store 100,000 cubic meters of oil. The design reserves 5.2 million cubic meters of oil and 32.7 million barrels of oil. Taking the average consumption of crude oil in China in the first five months of 2007 as an average of 701 million barrels per day, Zhenhai Base's oil reserves amount to approximately 4.6 days of consumption in the country.
The staff of Sinopec Zhenhai Petroleum Reserve Base stated that the first batch of crude oil reserves of the oil reserve base had been completed before 2008, and its oil price was 50 US dollars/barrel, and then the oil price rose to 147 US$/barrel.
Since October 2009, the world economy has come out of the trough and has begun to recover slowly. One of its main signs is that international oil prices have started to stabilize and rise, and the price of oil per barrel has exceeded the US$75 mark.
"Prior to the rise in oil prices, all the oil reserve bases that have been built have all been stored," said an insider who participated in the oil reserve. It is understood that the lowest crude oil price in 2009 was US$33/barrel before and after the Spring Festival. According to industry sources, "Even during the Spring Festival, the three major oil groups did not stop importing crude oil."
It is understood that in 2009, China’s national strategic oil reserve construction progressed smoothly. The first phase of the National Strategic Petroleum Reserve was completed at a cost of US$58/barrel, and its reserves are based on the level of domestic oil consumption in 2008, which is equivalent to 13 to 14 days of oil use in the country.
At the same time, the second phase of the National Strategic Petroleum Reserve has been planned and the total storage capacity is 26.8 million cubic meters. Some projects in 2009 have been completed or are under construction. The development of corporate commercial oil reserves has also made significant progress. Domestic oil companies have established a commercial oil reserve capacity of approximately 300 million barrels, of which Sinopec and PetroChina accounted for 50% and 40%, respectively.
At that time, China's oil storage cost averaged 58 US dollars per barrel, and the current international oil price has exceeded 90 US dollars per barrel.
Accelerate the construction of oil reserve system "immediately"
According to reports, petroleum reserve is a systematic construction process involving the factors of total volume, regional distribution, and ownership distribution. Now, China's oil reserve systemization construction has really started, essentially building government reserves and corporate reserves, and strategic reserves. Integrated oil reserve system combined with the obligation reserve.
Although the first batch of oil reserve bases in China has been completed and completed, the basic conditions for starting strategic oil reserves have been ensured from hardware such as oil storage facilities. However, there is still a series of work to be done to build an oil reserve system, such as the formulation of relevant laws and regulations on petroleum strategic reserves, the establishment of reserve operation and management agencies, the source of reserve oil products, the source of reserve funds, the location of new reserve bases, and compliance with China. Demand reserves, etc. need to be further studied.
Industry experts emphasized that as China’s oil reserve system has just started, it is difficult for us to guarantee oil supply and stabilize oil products in a short period of time when we face a large area of ​​“oil shortage†that frequently occurs due to imbalances in supply and demand in domestic and foreign markets and insufficient market supply. Market Order. Therefore, regardless of the domestic market or the external environment, accelerating the construction of China's oil reserve system is "with no delay."
It is understood that the Oil Reserves Act, which Japan began implementing in 1975, opened the prelude to its strategic resource reserve system. Since Japan started the national oil reserve system after the oil crisis of 1978, Japan's national oil reserve has rapidly increased from the amount used for 7 days to 102 days in 2008.
Today, Japan's oil reserves are under the unified management of the Ministry of Economy, Trade and Industry. According to the "Petroleum Reserve Law," countries and companies must store at least 90 days and 60 days of national consumption of oil, respectively. As of the end of last year, Japan’s oil reserves were about 600 million barrels, and government and private reserves were all above the standard line.
In fact, referring to the experiences of Europe, the United States, and Japan, China's oil reserve system is designed to be four levels, namely, the national strategic oil reserve, the local government oil reserve, the state-owned oil company's commercial reserve, and other small and medium-sized companies' oil reserves.
It is understood that the choice of China's oil reserve base needs to have three basic conditions: First, it should be close to deep-water ports, railway lines, and highway networks, and there should be excellent transportation and logistics conditions; second, it should be close to large-scale oil refineries and reserve bases at key moments. The processed oil can be processed locally to meet the needs. Third, it is close to the consumer market. Especially in the first phase of construction in China, the four bases are located in areas with high oil consumption in the southeast coast.
Of course, the choice of oil reserve base also needs to consider the geographic location of China's oil importing countries. The second phase of the site selection in Xinjiang is to take this into account.
In order to make full use of social resources and increase oil reserve capacity, in August 2010, the National Petroleum Reserve Center held a qualification bid to use the social storage capacity to store state oil reserves. The total capacity of the six companies that won the bid was 1.5 million cubic meters, which is equivalent to the Dalian State. Half of the total storage capacity of the oil reserve base.
The data shows that of the 230 million tons of total oil reserves of China’s private oil companies, the fully utilized inventory capacity is only several hundred thousand tons, less than one percent of the total, and the remaining inventory capacity is idle. Annual maintenance and management require high costs.
According to relevant persons from the National Development and Reform Commission, the bidding is expected to create a win-win situation, which will not only enhance the national oil reserve capacity, but also broaden the development space for private oil companies.
11 Major Strategic Petroleum Reserve Bases Ranked in Tianjin Petroleum Reserve Base (Sinopec Pipeline Company) (Phase 2)
The base has already begun construction. It plans to build a national strategic petroleum reserve tank containing 5 million cubic meters, and a commercial oil reserve tank with more than 5 million cubic meters, with a total storage capacity of 10 million cubic meters. It is expected that more than 6 million tons of oil can be stored and it is expected to become the largest oil reserve base in China.
Shanshan Oil Storage Base (EPC Project of Xinjiang Oilfield Company under PetroChina) (Phase II)
The total investment is 6.5 billion yuan, and after completion, 8 million cubic meters of storage capacity will be built. At the end of 2008, the first-phase project with a storage capacity of 1 million cubic meters was officially completed and put into operation. Crude oil from Kazakhstan also began to be stockpiled.
Zhoushan Petroleum Reserve Base (Sinochem Group) (Phase I and II)
In July 2010, it was approved by the relevant ministries and commissions. At the time, the total storage capacity was 5 million cubic meters. In 2009, it was approved to add 2.5 million cubic meters of reserve capacity. As part of China's second-phase oil reserve base construction plan, the total storage capacity will reach 7.5 million cubic meters.
Dushanzi Petroleum Reserve Base (Construction and Management of PetroChina Dushanzi Petrochemical Company) (Phase 2)
The start of construction in September 2009 marked the beginning of the construction of China's second-phase oil reserve base. The total planned size is 5.4 million cubic meters, and the investment amount is 2.65 billion yuan. It is expected to be completed in July 2011.
Zhenhai Petroleum Reserve Base (Sinopec) (Phase 1)
December 19, 2007 passed the national acceptance and became the first reserve base for delivery in the first batch of strategic petroleum reserve bases, and also the largest reserve base in the first phase of the project. The construction scale of 5.2 million cubic meters, a total of 52 oil storage tanks, has now all stored crude oil.
Huizhou Petroleum Reserve Base (CNOOC) (Phase II)
With the approval of the National Development and Reform Commission, Huizhou City, Guangdong Province has initially established a national oil reserve with a storage capacity of 5 million cubic meters.
Huangdao Petroleum Reserve Base (Managed by Sinopec Pipeline Company, formerly part of SASAC) (Phase 1)
The main project of the base includes 32 double-floating floating roof oil tanks and system supporting projects with a capacity of 100,000 cubic meters and a total storage capacity of 3.2 million cubic meters. It was formally put into operation in November 2008.
Dalian Petroleum Reserve Base (PetroChina) (Phase 1)
It has 30 100,000 cubic meters of oil storage tanks with a total storage capacity of 3 million cubic meters.
Lanzhou Petroleum Reserve Base (PetroChina Lanzhou Petrochemical Company) (Phase 2)
The total investment of the project is 2.378 billion yuan. The project mainly consists of 30 100,000 cubic meters of oil storage tanks with a total storage capacity of 3 million cubic meters. All projects are expected to be completed and put into use in the first half of 2011.
Jinzhou Petroleum Reserve Base (PetroChina) (Phase 2)
CNPC plans to build a national oil reserve base in Jinzhou Development Zone, Jinzhou groundwater sealing hole storage project, design storage capacity of 3 million cubic meters, plans to invest 2.26 billion yuan.
Jintan Petroleum Reserve Base (PetroChina) (Phase II)
The city of Jintan, Jiangsu Province, is an emerging salt city in China. It possesses the best rock salt mineral deposits in eastern China. Mining of pure salt forms a geological condition of 3 million cubic centimeters. Underground caverns can store petroleum and natural gas.