Oil reserves equal 30 days consumption
Updated: 2011-03-09 17:23
By Hu Yang (chinadaily.com.cn)
China's strategic oil reserve capacity is enough for one month's use, and the storage proportion of crude oil to product oil is 3:1, according to Wang Qingyun, director of the State Bureau of Material Reserve, the National Business Daily (NBD) reported Wednesday.
He said the site for the second phase of China's strategic reserve project is undecided, and construction is not yet underway. Wang made the remarks during an interview with the NBD on the sidelines of the Chinese People's Political Consultative Conference (CPPCC), the country's top advisory body.
The National Energy Administration said in its 2011 energy work plan that China will accelerate efforts to build the second phase of the strategic oil reserve.
China, the world's second-largest oil consumer, imported 56 percent of its oil in 2010.
When asked about whether the conflict in Libya will affect China, Zhang Baoguo, former director of the National Energy Administration, said oil from Libya only accounts for 3 percent of China's total imports, so the influence is insignificant.
Zhang, also a member of CPPCC, told the NBD on the session's sidelines that he suggests the 12th Five-Year Plan call for research on alternatives to oil, since oil is the only energy that has a high overseas dependence ratio. In fact, China's dependence on imported energy is only 10 percent.
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