China goes underground to expand its strategic oil reserves
Beijing
CHINA is building underground caverns capable of holding up to a quarter of its expanded strategic oil reserves by 2020, as it looks for new storage methods away from expensive and exposed above-ground tanks in crowded coastal regions.
In a move to improve its energy security and take advantage of cheap oil, China is spending billions of dollars to build up strategic petroleum reserves (SPR) to meet up to 90 days' worth of net import demand in case of a disruption.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold hits high as Iran shock triggers haven support
Tata Steel agrees on grid connection for UK green steel site
TSH Resources Q1 net profit falls 32 per cent to RM20.1 million
Oil prices climb amid uncertainty over Iran president’s fate, Saudi King’s health
Keppel’s data centres CEO to become senior managing director, M1 CEO to helm connectivity portfolio
Gold prices set for second weekly gain on Fed rate outlook