State media announced that the Chinese government intends to establish a 90-day strategic oil reserve. According to the reports, Beijing has already selected four locations along the Chinese coast which will be used to hold the oil reserve.
The reserve, originally reported to be 5 million tonnes, is scheduled to be around 50 million tonnes. Initial investment in the reserve's storage facilities is projected to be around RMB 6 billion (US$725 million). China is expected to surpass Japan as the world's number two oil importer.