China is the world's largest importer of crude
Oil market poised for China showdown
China puts the strategic in SPR as it looks to utilise record oil storage
“China’s oil storage model is based on the strategic reserves around the world,” said tank storage expert Tony Quinn at the annual PGLC petrochemicals logistics event in Marseille in June. “Like with most things, China copies from elsewhere and then does it better, and that is exactly the case with strategic petroleum reserves, as the country’s facilities are enormous and the terminals’ spare capacity is vast,” pointed out the CEO of Tankbank International and operating partner of Prostar Capital, who has close business ties with China’s state-controlled oil giant Sinopec. China may have arrived late to the oil security game, but in the past 20 years it has created significant capacity and a
Also in this section
28 November 2023
Countries such as Pakistan will require fossil fuels for a long time to come, requiring a reframing of the narrative around the energy transition
28 November 2023
Rising LNG demand and supply risks are outpacing shipping logistics amid Panama and newbuild challenges
27 November 2023
The major’s acquisition deal could keep oil production in the mature play going for longer
27 November 2023
Fresh opposition from the US looks likely to be the final nail in the coffin for the long-delayed Iran-Pakistan connection
