Misplaced Pages

This article needs to be updated. Please help update this article to reflect recent events or newly available information. (January 2016)

The Strategic Petroleum Reserve (SPR; Chinese: 中华人民共和国战略石油储备) is an emergency fuel store of oil maintained by the People's Republic of China National Development and Reform Commission. China does not officially report its volume, but as of 2016 the SPR was estimated to hold approximately 400 million barrels in total, out of a capacity of around 500 million barrels.

Background

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. 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. 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.

Reserve structure

Government reserves in 2009

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).

• First phase facilities:
  • Dalian, Liaoning Province. Capacity of 19 million barrels (3,000,000 m), filled as of September 2009.
  • Qingdao, Shandong Province. Capacity of 19 million barrels (3,000,000 m), filled as of September 2009.
  • Zhenhai, Zhejiang Province. 52 storage tanks with a capacity of 33 million barrels (5,200,000 m), filled as of December 2007.
  • Zhoushan, Zhejiang Province. Capacity of 33 million barrels (5,200,000 m), 7.6 million barrels (1,210,000 m) filled as of June 2007.
• Second phase facilities:
  • Dushanzi, Karamay City, Xinjiang Uygur Autonomous Region. Planned capacity of 34 million barrels (5,400,000 m).
  • Lanzhou, Gansu province. Planned capacity of 19 million barrels (3,000,000 m), with completion by 2011.
  • Huangdao, Shandong Province
  • Jinzhou, Liaoning Province
  • Four other facilities, location and size to be determined.
• Third phase facilities:
  • Wanzhou, Chongqing Municipality
  • Henan Province
  • Caofeidian, Hebei Province
  • Tianjin. Planned capacity of 150 million barrels (20,000,000 m), with completion by 2023.
• Local government reserves
  • Guangdong Province has begun plans for an expanded reserve from 20 days to 90 days.
  • Hainan Province has begun plans for a reserve.
  • Shanshan, Xinjiang Uygur Autonomous Region has begun plans for a reserve.
  • Caofeidian, Hebei province has begun plans for a reserve.
  • Wanzhou, Chongqing municipality has begun plans for a reserve.

Enterprise reserves in 2008

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).

• Commercial oil reserves by major Chinese oil companies, PetroChina, Sinopec and CNOOC
  • PetroChina facility, Shanshan County, Xinjiang Uygur Autonomous Region. Completed with a capacity of 6.3 million barrels (1,000,000 m).
  • PetroChina facility, Tieling, Liaoning Province. Completed with a capacity of 5.03 million barrels (800,000 m), completion October 2008
  • Sinopec facility, Ningbo, Zhejiang Province. Completed with a capacity of 24 million barrels (3,800,000 m).
  • Sinopec facility, Rizhao, Shandong Province, under construction. Planned capacity of 20.1 million barrels (3,200,000 m)
  • Sinopec facility, Beihai, Guangxi region, under construction. Planned capacity by 2011 of 20.1 million barrels (3,200,000 m)
  • Sinopec facility, Zhanjiang, under construction
  • Sinopec facility, Caofeidian, under construction
  • Sinopec facility, Shanghai, under construction
  • Sinochem facility, under construction
  • Unknown company, Heilongjiang Province
  • CNOOC facility, Gansu Province, under construction. Planned capacity of 11.3 million barrels (1,800,000 m).
• Oil storage reserves by medium and small Chinese oil companies

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.

Other SPRs in 2003

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 m). The second largest emergency supply of oil is Japan's with a 2003 reported capacity of 579 million barrels (92,100,000 m).

See also

• Strategic Petroleum Reserve (United States)
• Strategic natural gas reserve
• Oil reserves
• Global strategic petroleum reserves
• Energy development
• Energy security

References

1. "Oil Bulls Beware Because China's Almost Done Amassing Crude". Bloomberg.com. 2016-06-30. Retrieved 2017-01-03.
2. "More oil reserve bases to be built". Archived from the original on 2007-09-28. Retrieved 2007-07-24.
3. ^ "Gulfnews: China plans to exploit weak energy markets". Archived from the original on 2009-02-27. Retrieved 2009-01-08.
4. ^ "China's Energy Security: Strategic Petroleum Reserves - The China Sourcing Blog". www.chinasourcingblog.org. Archived from the original on 2009-10-15.
5. "China to have strategic oil reserve soon". www.chinadaily.com.cn.
6. ^ "China to build third phase strategic oil reserves_English_Xinhua". news.xinhuanet.com. Archived from the original on 2012-11-04.
7. "Gulfnews: China to fill Aoshan tanks with Mideast oil by June".
8. "China's Q1 2007 crude oil demand unchanged at 7.12 mln bpd - IEA - Forbes.com". Archived from the original on January 8, 2008.
9. "Official: China starts filling strategic oil reserve". Associated Press. 2006-10-06.
10. "China and Saudi Arabia: interesting SPR team up?". Marketwatch. 2006-03-23.
11. "FACTBOX - China's strategic oil reserve plan". Reuters. 2009-12-30. Archived from the original on July 9, 2012.
12. "B2B Wholesale Trade & eCommerce Tips | Alibaba Seller Blog".
13. "B2B Wholesale Trade & eCommerce Tips | Alibaba Seller Blog".
14. "B2B Wholesale Trade & eCommerce Tips | Alibaba Seller Blog".
15. "Guangdong plans 2 oil storages to ease shortage". www.chinadaily.com.cn.
16. "China's Strategic Oil Reserves to Be Ready". archive.ph. July 8, 2012.
17. South Africa-China Economic & Trade Cooperation
18. ^ http://www.upstreamonline.com/live/article220569.ece
19. "Sinopec, Aramco refinery on track, discuss reserves". Reuters. 2007-08-27.
20. "Crude oil reserve base likely in Gansu".
21. "Countries Compared by Energy > Oil > Consumption. International Statistics at NationMaster.com". www.nationmaster.com.

External links

• NDRC website

• Petroleum economics
• Petroleum in China
• Energy security
• Oil storage