According to the Jinghua Times, yesterday, Zhang Guobao, a member of the National Committee of the Chinese People's Political Consultative Conference and former deputy director of the National Development and Reform Commission, addressed concerns about China's oil reserve strategy. He emphasized that during the initial phase of building the country's strategic oil reserves, global oil prices were relatively high. However, he pointed out that there were no significant losses as some foreign observers had claimed.
Zhang also highlighted the progress of China's first-phase strategic petroleum reserve projects. He mentioned that the Zhenhai reserve base in Zhejiang has already been completed and is now actively storing oil. The Zhoushan facility is nearly finished, while the Huangdao and Dalian bases are expected to be completed soon. This marks a major step forward in enhancing China's energy security.
In addition, Zhang clarified that China's oil reserve policy does not set fixed monthly purchase targets. Instead, the country adjusts its procurement based on fluctuations in the international oil market. This flexible approach allows for better management of energy resources and helps mitigate the impact of price volatility.
With these developments, China continues to strengthen its position in the global energy landscape, ensuring stability and resilience in its energy supply chain.
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