China sets up oil reserve centre Posted Friday, December 28, 2007 - 11:26 by petromin
China announced on 18 December the setting up of a national oil reserve centre, the top economic planning agency confirmed.

China started a state strategic oil reserve base programme in 2004 as a way to offset oil supply risks and reduce the impact of fluctuating energy prices worldwide on China’s domestic market of refined oil.

With the approval of the Chinese Government, the centre was officially launched on 18 December said the National Development and Reform Commission, which oversees a wide range of social and economic affairs, including energy.

The centre, the administrative body of the country’s national oil reserve system will also keep an eye on the movement of demand and supply of both domestic and international oil markets.

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