Beijing approved construction for a second phase of strategic petroleum reserves, and is planning additional stimulus funding for renewable energy, the South China Morning Post reported, citing statements from senior energy officials. The second phase of construction is part of China’s effort to build stockpiles to cover 90 days of net imports, a standard set by the Organization for Economic Cooperation and Development. It is believed the second phase will have a capacity of approximately 170 million barrels. The plan to introduce stimulus measures for the renewable energy sector remains under discussion and will only later be submitted to the National Development and Reform Commission and State Council for approval. No details on the stimulus measures were provided.
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