Oil market poised for China showdown

China puts the strategic in SPR as it looks to utilise record oil storage

“China’s oil storage model is based on the strategic reserves around the world,” said tank storage expert Tony Quinn at the annual PGLC petrochemicals logistics event in Marseille in June. “Like with most things, China copies from elsewhere and then does it better, and that is exactly the case with strategic petroleum reserves, as the country’s facilities are enormous and the terminals’ spare capacity is vast,” pointed out the CEO of Tankbank International and operating partner of Prostar Capital, who has close business ties with China’s state-controlled oil giant Sinopec. China may have arrived late to the oil security game, but in the past 20 years it has created significant capacity and a