Re­source tax on crude due ‘soon’

Shanghai Daily - - SPORT -

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.

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