China to build emergency oil stocks over 5 years

The International Energy Agency has applauded a Chinese government decision announced Tuesday to build emergency oil stocks over 5 years, saying it would help strengthen global energy supply security. China's declaration was at a joint IEA-China workshop, held in Paris, on emergency stock issues.

April 25, 2001

By the OGJ Online Staff

LONDON, Apr. 25 -- The International Energy Agency has applauded a Chinese government decision announced Tuesday to build emergency oil stocks over 5 years, saying it would help strengthen global energy supply security.

China's declaration was at a joint IEA-China workshop, held in Paris, on emergency stock issues. Other subjects discussed at the workshop included the experience of IEA member countries with the building, maintenance, and use of strategic oil stocks. They also discussed legislation, financing, and procedures for international cooperation in an oil emergency.

The country's ambassador to France, Wu Jianmin, said China's new 5-year plan for National, Economic, and Social Development should consider the "experiences of other countries on this subject" and build strategic oil stocks.

IEA Executive Director Robert Priddle said, "The IEA recognizes China as a major player in global oil markets, and we are prepared to strengthened our oil security dialogue with the Chinese."

China is the world's third-largest oil consumer, with oil demand of 4.8 million b/d.