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Page added on December 29, 2008

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China to increase oil/gas imports, build up reserves amid weak prices

China will take advantage of sliding oil prices to increase imports and build up its strategic reserves, a senior economic planner said.

Zhang Guobao, vice chairman of the National Development and Reform Commission, said in a report carried by the People’s Daily that China will also move forward with phase two of building strategic reserve facilities.
The state planner has finished the draft for Phase II of building the reserves, involving total storage capacity of 26.8 mln cubic meters.

China also encourages companies to use spare storage capacity to increase their stockpiles, Zhang said, adding that overseas investment and exploration conditions are turning favorable.


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