China has announced that it is suspending the energy and oil stockpiling program due to unavailability of new storage facilities. China has been aggressively looking at its energy security for growth and stability protection especially after the global oil price hike in 2008.
China's oil stockpiling program's first phase is looking at 100 million barrels equivalent to China's 30 days of oil import for emergency usage.
Beijing administration is interested to have oil reserve in case of a crisis scenario, in particular to situations in Middlea East & Africa where most of world oil production is located now. China's plan has been regarded by analysist as getting the help from heaven as the global financial and economic crisis has put a pressure on and subsequently much lower global oil prices enabling the cash-rich Chinese to pursue the mega-plans of oil reserve.
The last phase of the strategic plan will enable China to have 100 days of total oil import enabling independance on China's soil without any foreign interference on energy usage which is the same as U.S Strategic Petroleum Reserve.
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