The National Development and Reform Commission (NDRC) announced on Thursday that, following approval from the State Council, the National Petroleum Reserve Center was officially established on the 18th. This marks the formal implementation of China's three-tier management system for its oil reserves. In the future, the "Energy Authority under the NDRC" will oversee the country’s strategic oil reserves. According to preliminary plans, the reserve bases are expected to hold up to 68 million tons of crude oil once fully completed.
It has been revealed that Yang Liangsong, the former director of the *China Economic Herald* under the NDRC, has been appointed as the head of the National Petroleum Reserve Center. The official appointment was made in June this year. Yang, originally from Hubei, has had a long career within the former State Planning Commission. He worked in various departments, including the Department of Mechanical and Electrical Engineering, the Department of Long-Term Planning, and the General Office, where he served as deputy director. In the mid-1990s, he transitioned to the *China Economic Herald* as president, serving there for over a decade.
In September, Yang visited Yangpu in Hainan to inspect conditions for the second batch of oil reserve base construction. According to sources, China’s current strategic oil reserves are state-funded, with PetroChina, Sinopec, and Sinochem responsible for their construction. Once completed, the National Petroleum Reserve Center will take over operations.
A spokesperson from the NDRC emphasized that the establishment of the center strengthens China’s oil reserve management capabilities, clarifies the hierarchical structure, and marks a step toward more professional and standardized oil reserve management. Under the three-tier system, the NDRC is the manager, the National Petroleum Reserve Center acts as the executive body, and the reserve bases play a key role in storage and operations. However, due to the absence of the center, the management structure remained unclear until now.
Since 2003, the NDRC has maintained an Oil Reserve Office, which operated alongside the Energy Bureau under a "one set of agencies, two brands" model. The director of the office also held the position of Energy Bureau director. Last year, the NDRC began setting up the National Petroleum Reserve Center, borrowing staff from major oil companies like PetroChina and Sinopec to support preparations.
According to officials from the NDRC’s Energy Development Bureau, the National Petroleum Reserve Center is a subsidiary of the Energy Bureau, while the Petroleum Reserve Office remains an administrative unit. The latter will not be abolished in the near future.
Experts suggest that regulating the oil market requires a clear "owner" during the development of reserve bases. As a government agency, the NDRC cannot act as an investor, so a dedicated institution is needed. Dong Xiucheng, an associate dean at the China University of Petroleum, noted that the center may have limited commercial rights after completion, such as releasing oil when prices are high and repurchasing later. However, it must prioritize fulfilling national reserve obligations without seeking profit.
The NDRC stated that the purpose of the center is to ensure national economic security by managing strategic oil reserves, including purchasing, storing, rotating, and using them. It will also monitor domestic and international oil supply and demand trends. The commission clarified that oil reserves are primarily for emergency use and not for manipulating market prices.
The issue of China’s oil reserves has drawn global attention. During the recent Sino-US Strategic Economic Dialogue, both sides agreed to enhance cooperation on oil reserve construction and management. Dong highlighted that the U.S. has extensive experience in oil reserve management since the 1970s, offering lessons for China. Although China is not an IEA member, it may share information with the U.S. under their agreement.
Next year, a source familiar with the Ministry of Energy told the *Morning Post* that the center will follow a model similar to China’s Grain and Cotton Reserve Management Corporations. Initially, it will operate under the NDRC’s Energy Development Bureau but will eventually transfer to the new Ministry of Energy.
According to Article 65 of the draft Energy Law, the government’s petroleum reserves will be managed by the State Council’s energy authority. Wu Jiandong, an energy expert, said that once the Ministry of Energy is established, the center will move from the NDRC to the new department. He added that the NDRC will make full use of its internal resources to ensure a smooth transition and maximize financial efficiency for the 2008 oil reserve program.
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