Construction of strategic petroleum reserve system: international experiences and China's strategy

To enhance the strategic petroleum reserve (SPR) system for safety of energy supply in China, literature researches have been conducted on the stocking, distribution, optimal reserve size and location of petroleum reserves. In addition, the United States (a member of IEA with well-developed petroleum reserve system), Japan and Singapore (countries depending heavily on crude oil imports in the Asia-Pacific region) have been selected for case study to summarize their successful experiences. On the basis, this paper discusses the existing problems in China's strategic petroleum reserve system. By tracking pathways for construction of the strategic petroleum reserve system in developed nations, this paper proposes the optimal solution to cope with specific conditions in China, namely, by establishing sophisticated laws and regulations for strategic petroleum systems, optimizing allocation of stocking sites, clarifying policies related to stocking and distribution of petroleum reserves, constructing multiple-element system for stocking of petroleum reserves, and securing reliable and diversified oil suppliers. The research conclusions can provide valuable references for construction of strategic petroleum reserve systems.