On March 6, PetroChina announced the opening of a commercial oil reserve project in Shanshan county of Xinjiang province. Total oil reserves there are expected to reach 1 million cubic meters. The project marks the beginning of China’s second phase of tapping oil reserves in response to the worldwide oil shortage.
The first phase centers on the coastline and consists of four strategic oil reserve bases: Zhanhai, Zhejiang province; Huangdao, Shandong province; Zhoushan, Zhejiang province and Dalian, Liaoning province. The Dalian base was the last one opened and it was close to being 2/3 completed as of March 6.
Source: China Stock, March 7, 2008 http://cnstock.xinhuanet.com/newcjzh/06cjdt/2008-03/07/content_3075200.htm