China will build a new strategic petroleum reserve in Wanzhou, a district in Chongqing Municipality in the southwest, once final approval is obtained from the central government.

Wanzhou District Government and the Sichuan Bureau of Material Reserve signed an investment agreement last Friday over launching a joint venture for building a new oil reserve base in Wanzhou, about 300 km away from Chongqing.

Liu Shuxin, chief of Sichuan Bureau of Material Reserve, said the preparatory work for the proposed oil reserve base had gone smoothly, and Wanzhou had been selected for its unique geographic position and advantages for transport.

"As an important town on the mainstream of the Yangtze, Wanzhou is accessible by means of waterway, railways, highways and air, so oil distribution can be guaranteed if emergencies occur," said Liu.

In accordance with the construction plan, Wanzhou oil reserve base will be designed as a facility that will guarantee oil supply...

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