Construction begins on oil tanks

China has begun construction on its 50 planned strategic oil storage tanks, each with a storage capacity of 630,000 barrels, on the eastern island of Aoshan, part of the city of Ningbo, Reuters reported, citing industry sources. The builders aim to complete 12 tanks next year, 20 tanks in 2007, and the remainder in 2008, at which point the site's total storage capacity will reach 31.5 million barrels.