China Stacks Away More Oil

Sinopec Group has started building another crude reserve base of about 20 million barrels in eastern China and expects to complete it by the end of 2011, according to reports.

Groundbreaking for 3.2 million cubic metres of crude tanks has just begun at Rizhao, a port city in Shandong province, a company official said to Reuters.

The parent of Sinopec Corporation also plans to add a crude reserve base of a similar size in Beihai, in the southwestern Guangxi region, by September 2011.