China approves coal emergency reserve plan
Updated: 2011-03-23 15:38
By Gao Yuan (chinadaily.com.cn)
China's first coal emergency storage proposal has been approved by the State Council, and the first batch of reserve has been set at five million tons, the Shanghai Securities News reported Wednesday, citing information from the China National Coal Association.
According to the plan, storage baskets will be assigned to ten large-scale coal mines and power companies, as well as eight coastal ports across the country. The central government will subsidize the companies undertaking the storage mission, the newspaper said.
Some provincial level regions and municipalities, including Beijing, Shanxi, Shandong and Hubei have also launched their own proposals. A number of projects are already under construction or operating, the report said.
Analysts believe the storage plan will not only help to secure the country's energy safety, but to ease the pressure on market supply in the short run.
However, some industry insiders suggested an overall consideration should be given before local governments decide to establish a storage base, because the construction of a storage system could be extremely complicated, it said.
Construction on the flagship stadium for the 2012 London Olympics was completed Tuesday.
Spanish Queen Sofia laughs as she plays with a panda.
Two donkeys pull a broken-down Land Rover in Shenyang, Liaoning province.