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China completion time delay the strategic oil reserves

China completion time delay the strategic oil reserves

  • Categories:Industry News
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  • Time of issue:2020-03-31 14:57
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China completion time delay the strategic oil reserves

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Beijing time March 8 in the morning news, China has been postponed to establish emergency oil stocks completion time, the original plan is the final deadline of 2020.

According to 2016-2020 five-year plan released over the weekend, according to China will be completed before 2020 strategic petroleum reserve the second phase of the construction work, and build more reserves places the preliminary work. Previously, Chinese authorities plan is to finish the construction in 2020 strategic petroleum reserve the three stages of work.

"China may have hit a current limit reserve capacity, need time to build up the new" reserve places, "Bloomberg Intelligence" (Bloomberg Intelligence), a hong kong-based analyst Lu Wang said. "Some of the strategic petroleum reserve would take underground storage way, it may need more time for construction, leading to completion time was delayed."

China since last year using crude oil prices situation to build strategic oil reserve, which to a certain extent, played a help alleviate the pressure of the global excess supply of crude oil. China's crude imports rose by 8.8% in 2015, to a record 335.5 million tons (about 6.7 million barrels a day), and this year the average price of crude oil in its lowest level in more than a decade.

, according to the national bureau of statistics data released in 2009, China completed the first phase of the strategic petroleum reserve construction, set up a total of four crude oil storage sites, total reserves of 91 million barrels. According to the mouthpiece of the Chinese energy newspaper reported in 2014, the second stage of the design capacity of 168 million barrels, original plan is completed before last year.

"The second phase construction work completion time is likely to be from the original 2015 delayed about two years, and the third phase project completion time now seems very uncertain." ICIS China research director Li Li said in a telephone interview.

The national bureau of statistics and announced on December 11, according to the data by the mid - 2015 China's total oil reserves of 26.1 million tons (191 million barrels).

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