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7bn) strategic petroleum reserve facility in Malaysia's southern state of Johor.
Last week, Marathon requested for loan and will return crude of a similar quality to the National Strategic Petroleum Reserve within three months.
On Thursday it was annouced that the US will sell 30 million barrels from its Strategic Petroleum Reserve, the largest release ever from the nation's emergency energy stockpile.
China's strategic petroleum reserve capacity is expected to reach 85 million tons, equaling 90 days of net imports by 2020, the state-run China Daily reported Tuesday.
The bill stops companies that supply Tehran from holding contracts with the US Energy Department to supply the US Strategic Petroleum Reserve.
The leaders in Beijing see the low oil prices right now as an opportune time for China to fill its nascent strategic petroleum reserves," said Russell Hsiao, an analyst at the Jamestown Foundation, a Washington-based think tank.
The minister was answering deputiesCO questions regarding huge delays in the constructions and operation of the Energy Centre, which will be used for storing and operating strategic petroleum reserves.
As oil prices hit new highs over $127 a barrel, the Energy Department said it had not signed a six-month contract for deliveries to the US Strategic Petroleum Reserve (SPR), the world's largest stockpile of government-owned emergency crude oil.