Middle East Economic Survey
China Expanding Oil Storage Capacity
China is building crude oil storage facilities at eight sites to add more than 50% to its strategic stockholding capacity, the official China Securities Journal reported on 16 August. The report quoted an unidentified official as saying that the new capacity is due to be completed by end-2012 and will take Chinas strategic oil reserve capacity to 274mn barrels, compared with 178mn barrels in 2010. It...