The establishment of China’s strategic oil reserve is affected by current global energy issue, since China should not import large amount of crude oil for the reserve when the world is hit by high oil prices, International Finance News reported, citing experts.   “Regardless of oil prices level, China has the need to build a strategic oil reserve. However, the appropriate timetable is yet to be confirmed,” said Chief of energy economy and strategic development research centre at State Reform and Development Commission, Gao Shi Xian.   To meet soaring demands for energy across the country and the reduction of oil production in local oil fields, China plans a national strategic oil reserve centre. The plan is currently under review of the State Council.   Vice-president of Ministry of Finance, Zhu Zhigang, said recently that the ministry is constructively planning an oil reserve structure and related financial structure. The preliminary idea is to organize and supervise the state’s reserve together with commercial reserve. In this way, not only oil reserve can be optimized to strengthen national security but also relieve the pressure on state finances.   State strategic oil reserve is to protect sufficient energy supply in case of war and natural disaster through official investment and management; Commercial oil reserve is the measure conducted by oil corporations and social capital to ensure sufficient energy supply.   Compared with developed countries such as the United States, China has a very weak base for strategic oil reserve. United States’ strategic oil reserve can satisfy oil demands for 158 days and Japan’s 161 days. However, the commercial reserve of Sinopec, PetroChina and CNOOC altogether can only support 21.6 days’ demands and none from state reserve.   General Manager of oilgas.com said that the strategic oil reserve system needs more time to be formulated and it is not a suitable time to import crude oil in this preparation phrase when global oil prices hit historical high.   China has been planning 4 sites for strategic oil reserves since 2004. Construction of the first site situated in Zhejiang is basically finished and can be in operation by the end of this year. The other 3 sites would be finished in the next year or two.