China to build 11 new oil storage sites to boost strategic reserves
China to build 11 new oil storage tanks (Illustrative photo: Getty Images)
China, the world's largest importer of crude oil, plans to open 11 new oil storage sites this year and next, increasing storage capacity by nearly 170 million barrels, Reuters reports.
According to the publication, the construction of new oil storage tanks in the country's interior reflects Beijing's intensified efforts to ensure energy security.
"China, the world's largest crude oil buyer, is adding eleven new oil reserve sites this year and next as Beijing accelerates stockpiling the strategic commodity to safeguard supply security," Reuters writes.
According to the report, three of the eleven new oil storage facilities are being built in central China — in the northern province of Shaanxi and the southwestern province of Yunnan. The remaining facilities will be located along the country's eastern and southern coasts.
The construction of the storage tanks is being carried out by national oil companies that purchase crude for strategic reserves. The government will designate these facilities as emergency stockpiles.
State oil corporations of China are expected to increase their storage capacity by nearly 170 million barrels.
Earlier, the United States imposed new sanctions on Iran's shadow fleet for supplying oil to China.
