China’s commercial crude storage is rising

摘要

Singapore-Chinese crude imports surpassed both demand growth and refinery throughput this year, flowing quietly into a growing number of commercial storage facilities that have sprung up without much scrutiny, bypassing and overtaking China’s official strategic petroleum reserves. Commercial storage capacity currently is 298.8 million barrels, construction of which has been led by two state-owned majors, PetroChina and Sinopec.