“The best time to increase oil reserves is when prices are at their lowest”, said, so the CPPCC member and Chief Engineer of China Petroleum & Chemical Group (Sinopec), Mr Cao Xianghong said at a media interview on March 10.
He divulged that Sinopec is all set to increase oil reserves which will be increased significantly, when compared with previous years. He disclosed that the processing volume of petrochemical refineries this year would follow market diktats.
He continued by saying that, it will be able return to last year's production levels, if the economy could maintain over 8 percent growth in the second half of 2009 and though consumption was low in January, the situation could improve in the second half.
He added by saying that, “China's strategic oil reserves are too low and the country was considering shoring up those reserves by using the abundant foreign exchange reserves the country holds in its kitty, by taking advantage of low prices”.
Fibre2fashion News Desk - China
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