China said yesterday it would start building state reserves of refined oil products such as petrol and diesel, to diversify strategic stockpiles away from unrefined crude oil in a move that mirrors Europe's policy.
Beijing is using low commodities prices and the fact that companies have high inventories both in China and abroad as a chance to increase its strategic reserves of raw materials.
China should “boost reserves of oil products and fertiliser and thus help [refining] companies lower inventory”, the State Council said in a statement.
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