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BIZCHINA / Top Biz News
PetroChina to build oil base in Xinjiang
By Wan Zhihong (China Daily)
Updated: 2007-07-07 10:07
PetroChina plans to build a commercial crude oil reserve base in Shanshan
County, Northwest China'sXinjiangUygurAutonomous Region, a company source
said on Friday.
The company plans to invest 6.5 billion yuan ($844 million) in the
project, which will have a storage capacity of 8.1 million cubic meters,
according to the source.
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Other top Chinese oil companies, such asSinopecand Sinochem, have also
embarked on the construction of their commercial crude oil reserve bases
in order to meet the rising demand, said the source from PetroChina.
"The nation's top oil companies, such as PetroChina, Sinopec and Sinochem
have all started to plan for their crude oil bases. The storage capacity
of the bases they are planning will have a total capacity of up to 10
million cubic meters," said the PetroChina official, who declined to be
named.
The first phase of PetroChina's Xinjiang project will have a storage
capacity of 1 million cubic meters, involving an investment of 856
million yuan ($112 million). Construction of the base will begin next
month and is expected to be completed late next year.
Shanshan, a regional oil transport hub, is located in the east of
Xinjiang and 300 kilometers away from Urumqi, capital of the autonomous
region.
PetroChina started to build another commercial crude oil reserve base in
late June in Tieling, Northeast China'sLiaoningProvince.
It will build eight oil reserve tanks, each able to store 100,000 cubic
meters. Total investment in the project will reach 1 billion yuan ($130
million), and it is scheduled to be completed in October 2008.
In another development, the PetroChina official said the government has
approved the construction of another two commercial crude oil reserve
bases, one in Northeast China'sHeilongjiangProvince and the other one in
Northwest China'sGansuProvince, but did not identify which company will
build the two bases.
The bases are always located either near an oilfield or a large refinery,
or an oil pipeline hub, he said.
"China has two categories of oil reserves - strategic and commercial. The
construction of the commercial reserves is a concrete step taken to build
up the national oil reserve system," said Han Xiaoping, a
veteranenergyanalyst with China5e.com, one of the top energy websites in
China.
Beginning in 2004, China started to build its strategic reserve system.
In the first batch, it consists of four reserves, two inZhejiang, one
inShandong, and the fourth in Liaoning provinces.
The two bases in Zhejiang are already operational with a capacity of
around 5 million cubic meters each. The other two are expected to start
operations between late 2007 and early 2008.
(China Daily 07/07/2007 page1)
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