Tokyo-China plans to boost its strategic crude oil reserves by 160% to around 270 million barrels over the next five years, Japan's Nikkei new service reported this week. The country is to begin building the stockpiling bases under the second phase development of its strategic petroleum reserve as early as this year, and expects them to be ready in the next five to six years, Nikkei quoted an official from China's National Energy Administration as saying. Storage will be filled up as and when it is ready, he added.
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