February 13, 2012 [Bloomberg] - The following table shows planned and operational sites for emergency crude storage in China, according to government data reported by state-owned oil companies, official media and the International Energy Agency.
The world’s largest energy-consuming nation finished filling the first phase of its emergency stockpile of 16.4 million cubic meters, or 103.2 million barrels, of oil in 2009 at a cost of $58 a barrel.
The second phase, which started with the Dushanzi facility in the western province of Xinjiang in late 2009, is scheduled to be completed by early 2013.
China is seeking to store emergency crude reserves equivalent to 100 days of net imports before 2020 in three phases, according to a plan approved by the State Council, the nation’s Cabinet.
That’s 505 million barrels, based on Bloomberg calculations from 2011 overseas purchases. The U.S. held 696 million of national reserves as of November, according to the latest data from the Energy Information Administration.
