Reuters reported that State owned PetroChina north China unit aims to boost its oil storage capacity in the coming three years to ensure energy security.

The north sales branch plans to add 6.55 million barrels or 1.04 million cubic meters of holding capacity from 2009 to 2011 to form a developing structure of large logistics and large networks.

The report did not elaborate on the estimated investment for the plan or how much capacity had been completed.

PetroChina, Asia top oil producer, finished building a major commercial oil storage base with capacity of 1.3 million cubic meters in Daxie Island, Ningbo of Zhengjiang province in mid October.

(Sourced from Reuters)