China to increase oil reserves

To increase the build-up of the government's oil reserves and enterprises voluntary reserves, and to encourage the development of commercial oil reserve, the government has released a Five-Year Plan for energy. The 11th Five-Year Plan for Energy Sources Development, published by the National Development and Reform Commission, calls for the oil reserve system to be perfected gradually in order to improve the security of China's energy resources.

During the 11th Five-Year Plan period, China will formulate national regulations for oil reserves, including "transferring oil from the west to the east; transferring oil from the northeast to the south, and oil and gas from the sea to the land". China will accelerate the construction of a backbone oil and gas pipeline and other infrastructure needed for the transportation of oil and gas.

China's average reserves of oil and gas only account for 7.7 percent and 7.1 percent of the world average totals. Consumption of energy resources will continue to grow, and resources are steadily being consumed. Recently, foreign dependence of China's oil has exceeded 40 percent.

By People's Daily Online