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China works to double SPR capacity by 2013

10/04/2010
By Liutong Zhang and Kang Wu
China is moving quickly on construction of its Phase II strategic petroleum reserve and FACTS Global Energy believes most SPR Phase II sites will come on stream by 2012-13, doubling China's SPR capacity. China will also expand commercial crude storage capacity by about 18 million cu m (about 113 million bbl) by end 2012.As a market with huge growth potential, China has also attracted interest in its crude storage business from foreign companies. But barriers for foreign investment in the crude oil storage business, however, still exist.The rapid expansion of Chinese crude oil storage capability, coupled with the robust growth in oil demand, will substantially increase China's demand for c...
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