(Yicai Global) April 28 -- Chinese regulators will investigate oil storage risks at the nation’s petrochemical firms as they purchase cheap crude from the international market, according to the Ministry of Emergency Management.

The ministry will work with other authorities to ensure the companies have adequate storage facilities and to urge local governments and firms to enhance their safety management to prevent the risk of leaks or fires, spokeswoman Shen Zhanli said at a press briefing today. Central and local petrochemical companies should also rebuild fire-fighting facilities and build their own firefighting force within three years, she added.

China imported 41.1 million tons of oil last month, up 4.5 percent on the year, according to data from the national customs office. The value of the oil was just USD16.7 billion, an 11.7 percent decrease for an average cost of USD55 a barrel.

Editor: James Boynton