China Plans to Raise Oil Reserves 160% Over 5 Years, Nikkei Says

China plans to increase strategic crude oil reserves by 160 percent to 270 million barrels during the next five years, Nikkei English News said, citing an unidentified official from China’s National Energy Administration.

China will spend 30 billion yuan ($4.39 billion) for stockpiling facilities with a capacity to hold 169 million barrels, the report said.

China Petrochemical Corp., China National Petroleum Corp. and other companies will construct and use the storage sites, the Nikkei said.