China builds strategic oil reserve

China is to begin work next year on building facilities for its strategic petroleum reserve, aiming to raise capacity equivalent to 90 days of net oil imports by the year 2015, the People's Daily reported. The four new reserve facilities will be located in the provinces of Zhejiang, Shandong and Liaoning and will be built and operated by China's three main state oil firms, Sinopec, CNPC and CNOOC. The largest facility, located in Zhenhai in Zhejiang province, will have a 5 million liter capacity, the report said.