MOSCOW, November 20 (Sputnik) — The first phase of a major oil reserve project launched in China in 2004 has been completed and is operational, the National Bureau of Statistics (NBS) said Thursday.
The reserve project can hold up to 12.43 million tons of actual oil with the first phase consisting of four reserves — three in the eastern China provinces of Zheijiang and Shandong, and another one in the northeastern province of Liaoning, the NBS statement read as cited by Xinhua news agency.
The project was initiated to counterbalance oil supply risk and the effect of global fluctuating energy prices on the domestic market, according to the news agency.
On Wednesday, China's State Council released an action plan for a 2014 to 2020 energy development strategy, which stipulates that the country will expand its reserves in the second and third phases of the project, as reported by Xinhua.
The action plan is streamlined toward reducing China's reliance on coal for energy and increasing the use of non-fossil fuels as a primary energy source to 15 percent by 2020. The country also aims to boost its self-sufficiency to around 85 percent, according to Xinhua.
Currently China imports nearly 60 percent of its oil and 30 percent of its natural gas.
