Chinese gov't approves 2nd-phase oil reserve plan
The State Council, or China's Cabinet, has approved the second phase of the crude oil reserve plan, which will be larger than the first phase, said Zhang Guobao, chairman of China's National Energy Administration (NEA).
China will gradually establish a reserve that can supply enough oil for 90 days of consumption, according to Zhang.
Zhang noted that China has successfully taken its first step in building a low-cost oil reserve. Statistics from the NEA showed that the country's existing oil reserves cost US$58 per barrel.
China will locate some of the second-phase oil reserves inland, said Zhang, who suggested in March that China use some of its abundant foreign exchange reserves to increase gold reserves and buy strategic materials such as crude oil and natural uranium.
Reportedly, the NEA has been working on an energy stimulus plan and has completed a preliminary draft, but has not released it or specified any timetable.
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