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Sinopec may build four refined oil stockpile bases

By Wan Zhihong (chinadaily.com.cn)
Updated: 2009-03-31 15:09

Sinopec Corp, the country's largest oil refiner, is considering building four refined oil stockpile bases, the company's president said on Monday.

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The company may also take charge of construction of two national strategic crude oil reserves in Qingdao and Rizhao in Shandong province, Wang Tianpu, president of Sinopec Corp, told reporters in Hong Kong.

The four refined oil reserves will have a total capacity of 8 million tons, said Wang.

Sinopec will not use privately owned stockpile capacities to make its own oil reserves, he added. Earlier media reports said several private oil refiners were proposed to the National Development and Reform Commission as choices for the oil products reserve tanks.