The Chinese government and its state-controlled oil firms have been expanding both crude and fuel stockpiles to improve their capacity to cope with any potential supply shocks, and PetroChina is no exception.
Storage capacity for refined oil products owned by PetroChina Cos sales unit could reach 10.4 million m3, or 66 million barrels, by the year end, a leap of 45% over five years.
Overall sales of refined oil products by PetroChina, the second-largest Chinese refiner, are expected to reach 100 million tonnes this year, 30% higher than in 2005.
Fuel sales via its own retailing outlets this year will grow 91.5 % compared with the volumes in 2005, even though the number of service stations declined moderately during the same period.
Source: China Petroleum Daily