CNPC has recently started the preliminary work for construction of the large-scale oil stockpiling base in Yizheng City, Jiangsu Province. When the base is completed, it will be connected to CNPC's other oil stockpiling bases in Qinhuangdao and Huangdao, shaping the country's national oil stockpiling base at its preliminary stage. Meanwhile, Sinopec has also made strong efforts for construction of strategic oil stockpileing bases in the country's economically-developed areas. Starting from the second half of 2002, Sinopec, another oil giant in China, conducted the geological prospecting in Yizheng City and selected Xiaonan Village of Xupu Town, which is next to Yizheng oil depot, as the location for construction of eight 150,000-cubic-meter oil storage tanks to expand the capacity of Sinopec Yizheng oil depot to 2 million cubic meters from 500,000 cubic meters. The investment for the whole project will exceed 10 billion yuan.
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