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China Drafting Bill on National Oil Reserve Fund for Emergency Cases

© East News / Wei ta/Imaginechina/NYWWPChinese inspectors patrol past oil tanks at the Dagang commercial oil reserve base
Chinese inspectors patrol past oil tanks at the Dagang commercial oil reserve base - Sputnik International
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Beijing is set to establish national oil reserve fund for emergency cases, Chinese National Energy Administration said Friday.

BEIJING (Sputnik) — Beijing is working on a bill establishing national oil reserve fund to be used in emergency cases, Chinese National Energy Administration said Friday.

"The bill on national oil fund aims at control over national oil reserves, provides measures in emergency cases leading to breach of oil supplies, ensures national energy security and social stability," the draft bill released by Chinese energy agency says.

The work on a bill has been started in 2006. It envisages that state-owned oil refineries as well as oil suppliers will contribute to the fund with crude oil and fuel. The energy agency called for public feedback on the draft to be submitted before June 18.

Since 1993 China increasingly relies on oil import with fuel dependence on external sources exceeding 60 percent so far.

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