Strategic petroleum reserve (China)

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This article refers to the Chinese Strategic Petroleum Reserve. For other countries see global strategic petroleum reserves

The Strategic Petroleum Reserve (SPR) is an emergency fuel store of oil maintained by the People's Republic of China National Development and Reform Commission. China doesn't officially report it's SPR volume but it's estimated to be approximately 400 million barrels in total, with a capacity of around 500 million barrels.[1]

Background[edit]

In 2007 China announced an expansion of their crude reserves into a two part system. Chinese reserves would consist of a government-controlled strategic reserve complemented by mandated commercial reserves.[2] The government-controlled reserves was completed in three phases. Phase one consisted of a 101.9 million barrel reserve, mostly completed by the end of 2008. The second phase of the government-controlled reserves with an additional 170 million barrels for completion by 2011.[3] Recently, Zhang Guobao the head of the National Energy Administration also stated that there will be a third phase that will expand reserves by 204 million barrels with the goal in 2009 of increasing China's SPR to 90 days of supply by 2020.[4]

Reserve structure[edit]

Government reserves in 2009[edit]

The government and enterprise reserves are managed by the National Development and Reform Commission(NDRC). Current plans call for government reserves of 475.9 million barrels (101.9 million barrels completed, 374 million barrels planned).[5]

Enterprise reserves in 2008[edit]

Currently the enterprise reserves compose a smaller portion of the overall SPR with a 209.44 million barrel strategic reserve planned (35.33 million barrels completed, 51.5 million barrels under construction).

The planned state reserves of 475.9 million barrels plus the planned enterprise reserves of 209.44 million barrels will provide around 90 days of consumption or a total of 685.34 million barrels.[28]

Other SPRs in 2003[edit]

The U.S. Strategic Petroleum Reserve is the largest emergency supply in the world with the current capacity to hold up to 727 million barrels (115,600,000 m3). The second largest emergency supply of oil is Japan's with a 2003 reported capacity of 579 million barrels (92,100,000 m3).

See also[edit]

References[edit]

  1. ^ "Oil Bulls Beware Because China's Almost Done Amassing Crude". Bloomberg.com. 2016-06-30. Retrieved 2017-01-03.
  2. ^ "Archived copy". Archived from the original on 2007-09-28. Retrieved 2007-07-24.CS1 maint: archived copy as title (link)
  3. ^ "Archived copy". Archived from the original on 2009-02-27. Retrieved 2009-01-08.CS1 maint: archived copy as title (link)
  4. ^ http://www.chinasourcingblog.org/2009/10/chinas-energy-security-strateg.html
  5. ^ (in Chinese) China to have strategic oil reserve soon
  6. ^ http://news.xinhuanet.com/english/2009-09/25/content_12111691.htm
  7. ^ "Archived copy". Archived from the original on 2009-02-27. Retrieved 2009-01-08.CS1 maint: archived copy as title (link)
  8. ^ http://news.xinhuanet.com/english/2009-09/25/content_12111691.htm
  9. ^ Gulfnews: China to fill Aoshan tanks with Mideast oil by June
  10. ^ "China's Q1 2007 crude oil demand unchanged at 7.12 mln bpd - IEA - Forbes.com". Archived from the original on January 8, 2008.
  11. ^ "Official: China starts filling strategic oil reserve". Associated Press. 2006-10-06.
  12. ^ "China and Saudi Arabia: interesting SPR team up?". Marketwatch. 2006-03-23.
  13. ^ http://news.xinhuanet.com/english/2009-09/25/content_12111691.htm
  14. ^ "FACTBOX - China's strategic oil reserve plan". Reuters. 2009-12-30.
  15. ^ http://news.alibaba.com/article/detail/business-in-china/100178312-1-china-raise-oil-reserve-capacity.html
  16. ^ http://www.chinasourcingblog.org/2009/10/chinas-energy-security-strateg.html
  17. ^ http://news.alibaba.com/article/detail/business-in-china/100176220-1-china-plans-storage-more-strategic.html
  18. ^ http://news.alibaba.com/article/detail/energy/100201621-1-china-tianjin-build-20-mln.html
  19. ^ Guangdong plans 2 oil storages to ease shortage
  20. ^ (in Chinese) China's Strategic Oil Reserves to Be Ready
  21. ^ "Archived copy". Archived from the original on 2009-02-27. Retrieved 2009-01-08.CS1 maint: archived copy as title (link)
  22. ^ South Africa-China Economic & Trade Cooperation
  23. ^ "Archived copy". Archived from the original on 2009-02-27. Retrieved 2009-01-08.CS1 maint: archived copy as title (link)
  24. ^ http://www.upstreamonline.com/live/article220569.ece
  25. ^ http://www.upstreamonline.com/live/article220569.ece
  26. ^ "Sinopec, Aramco refinery on track, discuss reserves". Reuters. 2007-08-27.
  27. ^ http://www.chinadaily.com.cn/bizchina/2009-03/12/content_7570809.htm
  28. ^ http://www.nationmaster.com/graph/ene_oil_con-energy-oil-consumption

External links[edit]