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China Creates Strategic Oil Reserve, Starts Stocking Russian Oil |
| Home | (MosNews) - China has pumped at least 1 million barrels of Russian crude into its newly built strategic reserves, confirming that a long-anticipated stockbuild was underway the Reuters news agency reported on Tuesday quoting official Chinese media and sources. The Beijing Times, a local paper sponsored by the country?s official mouthpiece, the People?s Daily, quoted an unnamed official at the Zhenhai facility as saying 1 million barrels of Russian crude were injected into the tanks starting Aug. 11. Separately, two China-based port sources told Reuters that two cargoes totalling 3 million barrels of Russian crude had been pumped into the reserves after discharging at the Suanshan terminal on the east coast port of Ningbo in August and September. |