China to Build 11 New Oil Storage Sites in 2 Years

China to Build 11 New Oil Storage Sites in 2 Years

China is building new oil storage sites as it stockpiles crude while it is cheap. This year and next will see a total of 11 new storage sites built across the country, Reuters reported today, noting that the combined capacity of the new sites would come in at some 169 million barrels. The amount is equal to two weeks’ worth of crude oil imports, Reuters also said. It compares to new oil storage capacity additions of between 180 and 190 million b…

China accelerates oil reserve site build amid stockpiling drive

China is significantly expanding its oil reserves. New storage sites are under construction, aiming to hold two weeks of crude imports. This move is driven by global energy flow disruptions and geopolitical concerns. The nation is focused on securing its energy needs amidst increasing import reliance. This strategic build-up is set to continue.

China Accelerating Oil Storage Expansion to Strengthen Energy Security and Cut Import Dependence - Khaama Press

China is accelerating construction of new oil storage sites to boost energy security, reduce import dependence, and cushion global supply disruptions amid shifting post-Ukraine energy dynamics. China is accelerating efforts to expand its crude oil storage capacity to boost reserves and reduce reliance on foreign energy imports, Reuters reported on Tuesday, October 7. State-owned oil companies plan to add at least 169 million barrels of new stora…

China Accelerates Oil Reserve Site Build Amid Stockpiling Drive - Energy News, Top Headlines, Commentaries, Features & Events

(Reuters) – China is building oil reserve sites at a rapid clip as part of a campaign to boost crude stockpiles that increased in urgency after Russia’s Ukraine invasion upended global energy flows and has accelerated this year, according to public data, traders and industry experts. State oil companies including Sinopec and CNOOC will add ...