Resource tax on crude due ‘soon’
CHINA has filled the tanks at the first of four planned oil reserve bases meant to insulate the economy against supply disruptions, the government announced yesterday.
Construction of the reserves began in 2004, prompted by government concern that China’s reliance on imported oil and gas was a strategic weakness. The United States operates a similar petroleum reserve.
The first facility in Zhenhai in Zhejiang Province can store 5.2 million cubic meters, the National Development and Reform Commission said.
“The establishment of these oil reserves is an important measure to respond to sudden incidents, prevent supply disruption hazards and protect the nation’s resource security,” the commission said.