China seems pretty committed to oil.
Limited storage facilities are hampering China's efforts to import large volumes of oil while world prices are relatively low, an official with the Guangzhou customs house told an energy conference here Friday.
Zhong Yanming, head of data analysis of the statistical department of the customs office, said he reached this conclusion based on monthly import figures last year....MORE
China to build 9 refining bases in 3 years
China, the world's No. 2 enegy consumer, plans to build nine crude oil refining bases in coastal areas during the next three years, local media reported Thursday, citing the National Development and Reform Commission, China's top economic planning agency.
According to China Knowledge news service, under the country's petrochemical stimulus plan, three of the new bases, each designed with refining capacity of 30 million tons of crude oil annually, will be built in coastal cities of Ningbo, Nanjing and Shanghai....MORE