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China's sites for commercial oil storage

Reuters -- BEIJING, Feb 9 (Reuters) - China National Petroleum Corp will start building a 6.2 million-barrel crude-oil tank farm next month in the northern port of Tianjin, which it aims to complete by end of this year, state media said.

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Submitted Feb 09, 2010 By: Mudsprings

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Pucked Champion Author Fort Worth Posts:1,091 Points:210,780 Joined:Jun 2009	Message Posted: Feb 9, 2010 8:35:30 AM Ignore Pucked Report Abuse Good for them and we should do the same.
ebowMA Veteran Author Boston Posts:316 Points:392,745 Joined:Apr 2008	Message Posted: Feb 9, 2010 8:31:45 AM Ignore ebowMA Report Abuse Why would they export it? They are an oil importer. They are most likely building up a strategic reserve and/or a normal reserve to smooth out their exposure to large price fluctuations.
torch347 All-Star Author Indianapolis Posts:577 Points:475,485 Joined:Jul 2007	Message Posted: Feb 9, 2010 8:30:51 AM Ignore torch347 Report Abuse Is this to try to become the largest export of oil? Watch out middle east.
diatzikis All-Star Author Raleigh Posts:718 Points:195,805 Joined:Jul 2008	Message Posted: Feb 9, 2010 8:28:50 AM Ignore diatzikis Report Abuse hmm what a take farm? Is this for storage or are they drilling too?
cableman31 Champion Author New York Posts:4,032 Points:1,068,880 Joined:May 2004	Message Posted: Feb 9, 2010 8:27:19 AM Ignore cableman31 Report Abuse Definately for export.
SUV2009 Champion Author Orlando Posts:1,117 Points:263,140 Joined:Oct 2009	Message Posted: Feb 9, 2010 8:26:10 AM Ignore SUV2009 Report Abuse They were going to have to do this sooner or later.
PENNYPINCHR Champion Author Twin Cities Posts:2,547 Points:1,677,125 Joined:Jul 2001	Message Posted: Feb 9, 2010 8:24:55 AM Ignore PENNYPINCHR Report Abuse We need to look out for China. They will own the US if they don't already.
RochBear Champion Author Minnesota Posts:5,543 Points:1,050,240 Joined:May 2006	Message Posted: Feb 9, 2010 8:24:48 AM Ignore RochBear Report Abuse Yesterday, it was reported that China has doubled new car sales. They are just ramping up for the increase in demand for oil. This is one huge reason why the USA needs to kick the oil habbit, since China is going to drive the world price of oil to record highs.
vizilo Champion Author British Columbia Posts:1,931 Points:1,834,645 Joined:May 2004	Message Posted: Feb 9, 2010 8:24:43 AM Ignore vizilo Report Abuse Smart to store when prices are lower
greenfog Champion Author Illinois Posts:1,714 Points:674,500 Joined:Feb 2008	Message Posted: Feb 9, 2010 8:24:22 AM Ignore greenfog Report Abuse sounds like they are stocking up for when the price shoots up.
goldilox88 Champion Author Montreal Posts:2,243 Points:622,630 Joined:Jun 2008	Message Posted: Feb 9, 2010 8:23:10 AM Ignore goldilox88 Report Abuse Always worried when China gets involved. They seem to take dangerous shortcuts.
30mpg80 Champion Author Lexington Posts:1,342 Points:510,095 Joined:Nov 2008	Message Posted: Feb 9, 2010 8:22:10 AM Ignore 30mpg80 Report Abuse Huge growth in oil use coming from China
FuelBarge Champion Author Long Island Posts:4,154 Points:1,097,290 Joined:Aug 2005	Message Posted: Feb 9, 2010 8:20:51 AM Ignore FuelBarge Report Abuse We have the Strategic Petroleum Reserve so I suspect China is simply doing the same thing. Only difference is they will probably buy low and sell high. We bought high and sold the oil at discount to the oil companies :/
MUSTANGSRUS Champion Author Ontario Posts:4,728 Points:998,970 Joined:Sep 2006	Message Posted: Feb 9, 2010 8:20:49 AM Ignore MUSTANGSRUS Report Abuse That means that they won't be affected immediately when oil is in short supply.
SaltyDogMA Champion Author Massachusetts Posts:1,553 Points:447,620 Joined:May 2008	Message Posted: Feb 9, 2010 8:20:16 AM Ignore SaltyDogMA Report Abuse China's looking out for their future growth.
JimTee All-Star Author Tampa Posts:899 Points:787,165 Joined:Apr 2006	Message Posted: Feb 9, 2010 8:19:35 AM Ignore JimTee Report Abuse Planning for the future... lets hope they build it right.
GypsyBC Veteran Author Alberta Posts:346 Points:122,415 Joined:Oct 2008	Message Posted: Feb 9, 2010 8:16:42 AM Ignore GypsyBC Report Abuse Just as long as it's for their use & it's not being shipped to America. I would hate to see another oil spill in our already polluted waters.
DRHCNY Champion Author New York Posts:1,818 Points:544,890 Joined:Oct 2007	Message Posted: Feb 9, 2010 8:15:06 AM Ignore DRHCNY Report Abuse Holding out for future profits thru price increases.
TomT2Lee Champion Author Cincinnati Posts:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Feb 9, 2010 8:15:04 AM Ignore TomT2Lee Report Abuse That is what a country does when they are growing and plan on using increasing amounts of oil.
w4kh Champion Author Riverside Posts:6,861 Points:1,275,545 Joined:May 2004	Message Posted: Feb 9, 2010 8:14:57 AM Ignore w4kh Report Abuse With China able to store more crude oil, the market will stabilize somewhat... adding storage and inventory will help remove the ripples from the market for crude oil futures and stabilize prices, and given that crude oil is a GLOBAL MARKET, that should help take some of the fluctuations out of the market, which is good all the way around.
ssect8 Champion Author Hartford Posts:3,087 Points:1,221,150 Joined:Jun 2006	Message Posted: Feb 9, 2010 8:14:09 AM Ignore ssect8 Report Abuse Good for them, we should do the same.
Cuzilla Champion Author Indianapolis Posts:8,809 Points:1,549,340 Joined:Sep 2005	Message Posted: Feb 9, 2010 8:13:48 AM Ignore Cuzilla Report Abuse This is the start of their plan to have enough oil to sustain them on their future march to the middle east!
I10Express Champion Author San Antonio Posts:3,700 Points:661,370 Joined:Nov 2008	Message Posted: Feb 9, 2010 8:13:06 AM Ignore I10Express Report Abuse Oh good, another tanker can be off loaded rather than being used for storage.
gagal31525 Veteran Author Georgia Posts:423 Points:368,645 Joined:Feb 2008	Message Posted: Feb 9, 2010 8:10:49 AM Ignore gagal31525 Report Abuse I don't see where this will change anything here in America.
Asbury09 Champion Author Iowa Posts:2,377 Points:557,880 Joined:Jan 2009	Message Posted: Feb 9, 2010 8:10:42 AM Ignore Asbury09 Report Abuse planning for future needs
PrepHermit Champion Author New Jersey Posts:3,265 Points:674,530 Joined:Aug 2008	Message Posted: Feb 9, 2010 8:10:33 AM Ignore PrepHermit Report Abuse From the sound of things they need it and a few more.
FocusGuy Champion Author Seattle Posts:2,101 Points:454,450 Joined:Apr 2009	Message Posted: Feb 9, 2010 8:10:31 AM Ignore FocusGuy Report Abuse Our capacity - zilch. Do we care - nope. We just complain.
salog Champion Author Columbia Posts:3,518 Points:876,065 Joined:Oct 2006	Message Posted: Feb 9, 2010 8:09:47 AM Ignore salog Report Abuse with the size of their population, will 6.2 million really make that much a difference?
lkozark Champion Author Missouri Posts:2,348 Points:558,760 Joined:Jul 2007	Message Posted: Feb 9, 2010 8:09:40 AM Ignore lkozark Report Abuse What is that, about a days worth of oil for China?
Beau2140 Champion Author New York Posts:3,345 Points:678,610 Joined:Oct 2008	Message Posted: Feb 9, 2010 8:05:17 AM Ignore Beau2140 Report Abuse They may be able to control part of the pricing of oil in the future.
Tnerbeel Champion Author Houston Posts:3,742 Points:775,660 Joined:Mar 2007	Message Posted: Feb 9, 2010 8:05:05 AM Ignore Tnerbeel Report Abuse They sure are storing a lot of oil. Wonder what our capacity is?
ky_commuter75 Champion Author Cincinnati Posts:2,688 Points:997,560 Joined:Jul 2005	Message Posted: Feb 9, 2010 8:04:16 AM Ignore ky_commuter75 Report Abuse see the US drop further down in the top production company in the world.
cv Champion Author Raleigh Posts:10,249 Points:2,289,180 Joined:Oct 2003	Message Posted: Feb 9, 2010 8:02:17 AM Ignore cv Report Abuse Lookout for higher gas prices in the US.
BeaverBilly Champion Author Alberta Posts:4,980 Points:1,575,735 Joined:Feb 2003	Message Posted: Feb 9, 2010 8:02:16 AM Ignore BeaverBilly Report Abuse I'm glad its not around my place.
silverfox63 Champion Author Michigan Posts:3,339 Points:667,795 Joined:Oct 2008	Message Posted: Feb 9, 2010 8:01:29 AM Ignore silverfox63 Report Abuse It looks like someone is getting ready for a big purchase of crude oil.
naw62 Champion Author Maine Posts:4,550 Points:1,246,845 Joined:Sep 2006	Message Posted: Feb 9, 2010 7:58:44 AM Ignore naw62 Report Abuse Sounds like a awful big storage tank....not in my back yard
mooneagle Champion Author Oklahoma City Posts:3,805 Points:782,240 Joined:Jun 2008	Message Posted: Feb 9, 2010 7:57:26 AM Ignore mooneagle Report Abuse Dan30thz28 is right
Helms Champion Author Fort Worth Posts:4,239 Points:1,224,825 Joined:Jun 2005	Message Posted: Feb 9, 2010 7:56:41 AM Ignore Helms Report Abuse AMEN Dan30thz28 but I doubt nobama can think that far ahead
dan30thz28 Champion Author New Jersey Posts:1,262 Points:1,053,450 Joined:Feb 2006	Message Posted: Feb 9, 2010 7:55:19 AM Ignore dan30thz28 Report Abuse We need to have our own system, and should have had one many many years ago.
Cruiser340 Champion Author Grand Rapids Posts:7,520 Points:1,815,085 Joined:May 2004	Message Posted: Feb 9, 2010 7:55:12 AM Ignore Cruiser340 Report Abuse So?
LocalSpyGuy Champion Author Tampa Posts:2,930 Points:612,395 Joined:Nov 2008	Message Posted: Feb 9, 2010 7:54:42 AM Ignore LocalSpyGuy Report Abuse Oil should beocme less of a factor in energy needs over the next decade. Continue to develop alternatives and we will become more self-sufficient.
Northernskys Sophomore Author Dayton Posts:182 Points:120,120 Joined:Sep 2005	Message Posted: Feb 9, 2010 7:51:16 AM Ignore Northernskys Report Abuse US should take notes.
ttwiw Champion Author Austin Posts:1,984 Points:915,420 Joined:Sep 2005	Message Posted: Feb 9, 2010 7:51:05 AM Ignore ttwiw Report Abuse Increased demand requires increased supply
vandamme All-Star Author New York Posts:778 Points:97,265 Joined:Nov 2008	Message Posted: Feb 9, 2010 7:50:45 AM Ignore vandamme Report Abuse Just wait until they start sucking up oil. You'll think today's price was a huge bargain.
sivart Champion Author Arkansas Posts:11,911 Points:2,102,105 Joined:May 2004	Message Posted: Feb 9, 2010 7:49:54 AM Ignore sivart Report Abuse What an idea...build storage...buy when it's cheap...sell when it's high! I wonder why the US hasn't thought of that??
jimraehl Champion Author Utah Posts:2,172 Points:667,690 Joined:Sep 2008	Message Posted: Feb 9, 2010 7:49:12 AM Ignore jimraehl Report Abuse Are the Chinese anticipating a war?
Marson Champion Author Scranton Posts:4,374 Points:1,143,845 Joined:Oct 2006	Message Posted: Feb 9, 2010 7:48:36 AM Ignore Marson Report Abuse They may need more than that with all the cars their citizens will be driving.
mk9999 Champion Author Rochester Posts:2,962 Points:693,295 Joined:Aug 2008	Message Posted: Feb 9, 2010 7:47:55 AM Ignore mk9999 Report Abuse They have the money to pay for it.
rvn4me Champion Author Texas Posts:1,872 Points:552,785 Joined:Jan 2009	Message Posted: Feb 9, 2010 7:47:45 AM Ignore rvn4me Report Abuse More storage. Maybe they are going to try and corner the market.
JimL1 Champion Author Phoenix Posts:3,138 Points:386,220 Joined:Jul 2003	Message Posted: Feb 9, 2010 7:47:31 AM Ignore JimL1 Report Abuse Before everyone gets all concerned about this, please note the following quote from the article; "But analysts warned the building frenzy by the private sector, which focuses on refined fuel tanks, could leave many tanks idle." What will the excess capacity have on the price of fuel?
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Feb 9, 2010 7:44:43 AM Ignore netman044 Report Abuse Large reserves cushion drops in production and high prices. They also make a country less vulnerable to price jacking by the producers. China wants to control it's on destiny. If they aren't selling to us they could care less.
9C1 Champion Author Chicago Posts:17,684 Points:3,277,720 Joined:Jul 2001	Message Posted: Feb 9, 2010 7:44:28 AM Ignore 9C1 Report Abuse We are getting our ass kicked, and we don't have the will to do anything about it.