Petrochemical firm Sinochem Corp is likely to complete a 2 million cu m oil reserve in Zhoushan in Zhejiang province next year, sources close to the project said on Wednesday.

The reserve, which includes both crude and refined oil stockpile, has two phases for construction. Sinochem has already finished the first phase with over 1 million cu m, said an executive familiar with the project, who declined to be named.

The Sinochem commercial oil reserve is next to the Zhoushan state strategic oil reserve base, which is one of the first four strategic crude oil reserves in China.