China Vows to Step Up Capacity of Energy Supply, Reserves
10.24.2022 By TankTerminals.com - NEWS

October 24, 2022 [Reuters] – China will greatly increase domestic energy supply capacity and its reserve capacity for key commodities, government officials said on Monday, reiterating a policy of ensuring supplies and stabilising prices of raw materials.

 

The world’s top energy consumer will enhance a “diversified domestic supply base” centred on coal while speeding development of domestic oil and gas resources, said Ren Jingdong, deputy head of the National Energy Administration.

He was speaking at a news conference during a once-in-five years Communist Party Congress that began on Sunday.

In his opening speech, President Xi Jinping said China would steadily implement its carbon peak and neutrality targets and in accordance with its energy resources.

Ren added that the country would further strengthen its reserve system for coal and petroleum, accelerating building work, especially for storage hubs and terminals to receive natural gas.

“We shall accelerate the establishment of a reserve system that combines those of the central and local authorities … the government and companies,” he said.

China aims for production capacity of indigenous resources to exceed 4.6 billion tonnes of standard coal by 2025, versus its 4.41 billion target for 2022.

Thanks to record domestic production, China boasts ample coal stocks ahead of winter, when demand for heating surges.

Nationwide coal stocks stood at more than 170 million tonnes, Ren added, up from the government’s May figure of 159 million tonnes.

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