China mulls importing crude to fill reserves
11 November 2005
China could import oil to help fill its planned strategic petroleum reserve, and should consider quickly building up commercially held refined-oil stockpiles, a thinking that represents a departure from the current policy of filling the reserves with domestically produced oil, the Wall Street Journal reported, citing Liang Shuhe, a Ministry of Commerce vice director. Liang was speaking at an oil conference in Beijing. Meanwhile, Wang Xiaochuan, vice director of the Commerce Ministry's department of commercial reform and development, said the ministry is researching the possibility of expanding commercially held reserves of refined oil products as a way of reducing risk and easing tight supply.