PetroChina’s Xinjiang Oilfield Corp will add an additional 450,000m3 of crude oil storage capacity at Wangjiagou, a move that will increase the upstream unit’s capacity by 60% to 1.2 million m3 by the next year.
China has been raising oil storage capacity hurriedly in recent years to meet rising demands and to guard against supply shocks.
Its overall crude stocks at the end of March 2009, as well as those for two state-owned oil majors, are sufficient to cover 34 days of national consumption depending on an estimated eight million barrels of daily fuel use, far below levels in industrial nations.
