
A general view of a crude oil importing port in Qingdao, Shandong Province in this file photo. China completed construction last month of 19 million barrels of new tanks for its State crude oil reserves and expects to start filling them late this year, two industry sources with knowledge of the project said Thursday. The new tanks, built on Aoshan island off China’s east coast, were finished after several delays. They are able to store about three days’ worth of imports for the world’s second-biggest crude oil importer, next to the United States. The facility was originally planned to start operation around 2012, and analysts had anticipated in late 2015 the site would be in use by the first quarter of this year.SD-Agencies
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