Saving up: China boosts its strategic petroleum reserve

As in any country, China's investment in overseas energy resources is fundamentally an investment in the country's energy security. It is therefore no surprise that China is aggressively expanding another key to a reliable supply of oil and gas: its strategic petroleum reserve (SPR).

At the end of May, Zhang Guobao, the head of the National Energy Administration, said Beijing had approved construction of the SPR's second phase. The first phase, with a capacity of 103 million barrels o...

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