China to Accelerate Underground Natural Gas Storage Tank Construction

China on Sunday released a guideline on developing the country’s western regions, ordering the construction of additional oil and natural gas production bases and underground tanks.

The guideline urged to optimize supply and demand energy structure, increase the exploration and use of renewable energy, and build a multi-level natural gas storage system, the Xinhua News Agency reported.

Jin Lei, an associate professor at China University of Petroleum said the country’s oil and gas reserve capacity is only good for 90 days, far behind the US and Japan, countries with reserves that can last between 180 to 200 days.

The guideline also said that pre-entry national treatment plus a negative list will be implemented to open up the region’s manufacturing sector, gradually lower entry into the region’s service sectors, and boost the mining industry.

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