China plans to build new oil reserve base in southwest

China will build a new strategic petroleum reserve in Wanzhou, a district in Chongqing municipality in the southwest, chief of Sichuan Bureau of Material Reserve Liu Shuxin said Thursday.

China plans to build new oil reserve base in southwest
Wanzhou district government and the Sichuan Bureau of Material Reserve signed an investment agreement last Friday over launching a joint venture for building a new oil reserve base in Wanzhou, about 300 km away from Chongqing.

Liu said the preparatory work for the proposed oil reserve base had gone smoothly, and Wanzhou had been selected for its unique geographic position and advantages for transport.

'As an important town on the mainstream of the Yangtze, Wanzhou is accessible by means of waterway, railways, highways and air, so oil distribution can be guaranteed if emergencies occur,' said Liu.

In accordance with the construction plan, Wanzhou oil reserve base will be designed as a facility that will guarantee oil supply in case of emergencies.

Yuan Changmo, deputy chief of Sichuan Bureau of Material Reserve, said the proposed venture would have to get approval from the National Development and Reform Commission.

Upon completion, Wanzhou oil reserve base will be the first of the kind in the interior areas of the Chinese mainland and would be of strategic value for safeguarding internal oil safety, said Yuan.

China started a state strategic oil reserve base programme in 2004 as a way to offset oil supply risks and reduce the impact of fluctuating energy prices on the international market.

The state strategic oil reserve base programme will be completed in three phases. For the first phase, the country has built or is building four reserve bases in Zhenhai, Zhoushan, Dalian and Huangdao, all along its coast.

Wanzhou is the nearest city near the Three Gorges Reservoir. It has the world's largest water control facility and one of ten major ports on the Yangtze River.


Xinhua

Güncelleme Tarihi: 29 Kasım 2007, 15:41
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