HenryTo
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Joined: 06 Aug 2004
Posts: 11735
Location: Los Angeles, California
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 Posted: Mon Aug 15, 2005 10:57 pm Post subject: HK PRESS: Fuel Shortage Shuts Over Half Of Shenzhen Pumps |
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The fuel shortages continue in China...
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Tuesday August 16, 11:56 AM
HK PRESS: Fuel Shortage Shuts Over Half Of Shenzhen Pumps
HONG KONG (Dow Jones)--More than half of Shenzhen's service stations and fuel depots were forced to close Monday as the oil-supply crunch that has plagued China's Guangdong province for weeks worsened, the South China Morning Post reports.
The fuel crisis has also begun to spread, with Shanghai now suffering shortages, the paper says.
The Shenzhen municipal government and fuel giants China Petroleum & Chemical Corp. (SNP), or Sinopec, and Petrochina Co. (PTR) Monday shut down indefinitely 128 of the 245 service stations in the city.
The move triggered panic buying by Shenzhen drivers, who have complained about shortages for more than three weeks.
International oil prices broke through US$67 a barrel Friday, putting pressure on mainland refiners to stop supplying petrol, particularly the lowest-grade fuel, to consumers because they are losing money under the mainland's controlled pricing system, the report says. |
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