Oil and Gas

FACTBOX-China's top independent crude oil storage operators, SPR updates

    Nov 18 (Reuters) - Private investors in China have increasingly joined state
majors in stockpiling crude oil, with companies this year taking advantage of
decades-low oil prices and the Chinese economy's early recovery from the
coronavirus pandemic.            
    In total, China, which relies on imports for 70% of its crude needs, held
about 1.16 billion barrels of crude in tanks at end-September, about 105 days
worth of net imports, said Seng Yick Tee, senior director at consultancy SIA
    That includes the government's strategic petroleum reserves, which are
estimated at 290 million to 370 million barrels by end-2020, according to
consultancies Energy Aspect and SIA Energy. 
    The rest is made up of commercial stocks owned by national refiners and
independent firms, as well as inventories for refining operations.
    Private refiners and logistics firms have poured hundreds of millions of
dollars into storage since independent refiners were first allowed to import
crude oil in 2016. Depots have been added mostly in refining hubs Shandong and
Liaoning province and free trade zone Zhoushan in Zhejiang.
    Refiners Shandong Hongrun Group, Zhejiang Petrochemical Corp and Hengli
Petrochemical, as well as commodity trader Shandong Huaxin Industry and Trade
Group are among the top private investors with a combined capacity of 180
million barrels as at end-2020, company officials told Reuters.

    The list below shows China's top independent crude storage operators,
including port operators. Together they operate 317 million barrels space, or
nearly 20% the country's total.
 Investors         Location     Capacity    Capacity (mln
                                (mln bbls)  cu.m.)
 Shandong Hongrun  Weifang,           81.9               13
 Group             Shandong                 
 Hengli            Dalian,              43              6.8
 Petrochemical     Liaoning                 
 Dalian Port       Dalian,           32.13              5.1
 Zhejiang          Zhoushan,            29              4.6
 Petrochemical     Zhejiang                 
 Shandong Huaxin   Rizhao,            26.5              4.2
 Rizhao Port       Rizhao,             8.7             1.38
 Qingdao port      Dongjiakou,         6.3                1
 Mercuria          Dongjiakou,        15.5             2.46
 Yantai port       Yantai,            9.45              1.5
 Zhonggu Storage   Zhoushan,          18.9                3
 Shandong Wantong  Dongying,           8.2              1.3
 Group             Shandong                 
 Shandong Baogang  Shandong            7.3             1.16
 Jinrun Group      Zhoushan,           6.9              1.1
 Zhoushan Zhongji  Zhejiang           6.55             1.04
 Dading Petroleum  Zhejiang           6.55             1.04
 Guangdong         Huizhou,            6.3                1
 Huaying           Guangdong                
 Zhoushan Century  Zhoushan,             4              0.8
 Pacific           Zhejiang                 
           Total                     317.2             50.5
 Source: Reuters' reports, Sublime China Information
Below is China's strategic petroleum reserve stockfill updates based on
government announcements and analysts. 
 China's SPR       in  mln bbls 
         Nov-2014                91
         Jun-2016               243
         Jun-2017               275
        *end-2020           290-370
 *estimates by analysts 


 (Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by
Florence Tan and Richard Pullin)