National oil storage bases under construction

The China-IEA Petroleum Security Workshop, hosted by the National Development and Reform Commission and the International Energy Agency (IEA), was held in Beijing on October 30 and 31. At the workshop it was agreed that first phase of the construction of national oil storage bases is proceeding smoothly.

Participants agreed that in light of the uncertainty of the global oil market, it is important to increase oil reserves to avoid risks to oil supply. The IEA believes China's oil reserve system plays a significant role in maintaining the security of energy resources both in China and the world. Both parties agreed to greater communication about oil market data, oil market analysis and oil reserves.

By People's Daily Online