PetroChina to build oil base in Xinjiang

PetroChina plans to build a commercial crude oil reserve base in Shanshan County, Northwest China's Xinjiang Uygur Autonomous Region, a company source said on Friday.

The company plans to invest 6.5 billion yuan ($844 million) in the project, which will have a storage capacity of 8.1 million cubic meters, according to the source.

Other top Chinese oil companies, such as Sinopec and Sinochem, have also embarked on the construction of their commercial crude oil reserve bases in order to meet the rising demand, said the source from PetroChina.