Tuesday, May 20, 2008

Earthquake Hits CNPC and Exacerbates China's Diesel Shortage

Earthquake Hits CNPC and Exacerbates China's Diesel Shortage: "The earthquake in Wenchuan, Sichuan Province has affected the operations of the China National Petroleum Corporation (CNPC), the parent company of PetroChina. According to preliminary estimates, losses due to the earthquake reached 1.78 billion Yuan. PetroChina is now making every effort necessary to rescue wounded staff and find employees that are still missing, while ensuring the supply of oil and the safe operation of facilities in earthquake affected areas.

Influenced by high oil prices in the international market, the diesel wholesale price in some areas rose to 7500 Yuan per ton last week."

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