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Curious Déjà Vu: Explosions & Oil Spill in China
Just when BP finally seems to have got a handle on the Macondo well with the successful containment cap, multiple explosions and oil spill are taking place--halfway around the globe--in China.
Chinese CCTV reported that six explosions hit two oil pipelines in northeastern Dalian's Xingang Harbor (see map) on the evening of July 16, while a 300,000 ton foreign oil tanker was being unloaded.
Over 2,000 fire fighters, along with 219 fire trucks were mobilized for the rescue mission. The subsequent blaze had burned for 15 hours before finally being extinguished on Saturday morning. So far, no casualties were reported.
The oil spill had contaminated about 19 square miles (50 square kilometers) off the coast of Liaoning province. A government official was quoted saying it was unclear how much oil had leaked from the pipelines.
However, on July 17 evening, nearly 20 vessels started performing oil contamination removal process, according to Epoch Times . Over-5-million-tons of foam and 20-tons of dry powder fire extinguishers were used, which China National Radio indicated could have some environmental impact.
China National Petroleum Corp. (CNPC), the country's largest oil company, is the owner of both pipelines. China Daily reports that CNPC indicated on its website that the oil had stopped leaking after a valve was closed. It said the oil spill has been "fenced off and contained."
The BP Gulf of Mexico disaster has elevated all oil related incidents to immediate top priority status by global governments. In China's case, this has aroused the attention of President Hu Jintao and Premier Wen Jiabao, with Vice Premier Zhang Dejiang rushing to the site Friday night to direct operations.
Dalian is the only ice-free port in northeast China with important commercial and strategic interest throughout the history of China. WSJ says the pipelines were links between ships and oil tanks on land. CNPC has 20 storage tanks that can hold 1.85 million cubic meters of oil in a special tax zone at the port.
So, the explosion and fire could have easily been another disaster had it not been contained and extinguished in a timely manner. Meanwhile, an official investigation team has been established, but the cause of the pipeline explosions is yet to be determined.
Nevertheless, judging from the strategic importance related to Dalian and the CNPC oil pipelines; one could not help but wonder about this curious oil spill déjà vu.
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China is finished
The trust products that Fitch is referring to are investment products that are sold by the banks, and packaged by the trust companies. There are two kinds of trust products, the first being products that are sold by the bank to local investors and represent loan that the bank has made directly to homebuyers. In fact, a lot China’s local government debt were packaged in as well. Up until two years ago most of the products were of this nature.
The second type started to be popular at the later part of 2009. In essence, this type is a high interest loan (often 15% plus annual rate) to real estate developers. Since the real estate developers have difficulty to raise funds through offering, they began to work with the banks in order to sell these products. The 10 fold growth in trust products that Fitch referred to came mostly from these kind of loans.
The marketing of the products is not very honest to say the least (who said China doesn’t import anything from America), and many buyers believe that they are guaranteed by the bank. But in reality, they are lending money to high risk new real estate projects.
The shark loan industry is mostly underground, and it’s sources can be low interest loan from banks, cash from state owned enterprises, and private savings. The shark loan operator then lends the money out to real estate developers or other domestic private firms.
There are two major pourposes for shark loans. One is to flip flop the real estate, and another is to lend to private firms with maturing bank loans. As mentioned in previous posts, the common lending practice of Chinese banks has a maturity of one year, and so the borrowers need to renew the loans every year if the old loan are to be paid. So many private firms that can’t pay back their loans since the cash flow from their regular business will not be enough to pay back the principal, are borrowing from shark loan operators at extreme high interest rates with very short durations. They then turn to the bank, repay the old loan and get a new loan for the next year.
China’s Shark Loan Ponzi Finance- Understanding China’s Shadow Banking System
Chinese BOP? Chinese concrete (with extra air bubbles)? Chinese steel?
Planets, no. Galaxies, yes. Time being squeezed into a singularity.
That crackhead fecker McKenna was right.
See you all on the other side.....or not.
Regards.
You can bet that what's ever happening is providing Joe Cassano with more discretionary spending income.
Maybe you think its a long shot,but...if pressure is building around the world simutaneously it might explain alot, especially when you consider the Volcano's and earthquakes.
In today's world everyone is a specialist, but is anyone putting all the instances and occurances together. Next up, the big-brother Volcano (Katla) in Iceland.
They'll say they don't want to panic the public, but is there a real connection. Something an honest man would see as a connection if he/she were given the facts and asked for an opinion.
The problem is no government wants to take that chance, or else they can't find an honest man.
But we're out here.
Uhmmm Sir, perhaps I could interest you in some derivatives to insure against such an occurrence ........... :>)
Planets do not work like that.
Wait! Wait!
I've just made a spill of my motor oil on the pavement. I guess that qualifies for not just a deja vu, but a conspiracy - first the Macondo, then China, and now this. I think I'm onto something here.
To Moonrajah:
Mr. Blankfein? Is that you?
Pass through, nothing to see here. Just doing God's work, is all.
If you, Mr. Blankfein, have to do your god's work, I conclude that .... "cry with a louder voice: for he is a god; and perhaps he is talking, or is in an inn, or on a journey; or perhaps he is asleep, and must be awaked." (C) Bible, 1-st Kings: 18.27 .
Mr. Blankfein, may I ask you about trading: I advised your spies on russian trading forum mql4.com/ru to seek for a new trading-math methods within **Russia's federal grants on mathematics and applied mathematics**, so I gave your boys huge handicap. Did you find them? If yes, I will use them for myself now.
Please contact our HR department, tell 'em Lloyd sent you. I'm sure we can put your skills to good use.
Amazing! How do you know I am unemployed now ?
Unfortunatelly for GS, I dont need GS' employment. GS converted money (simple tool for accounting of trust-relations in a society) into a tool of bribe and greed. That is why I will better take GS' **money** and after that will use GS' money for some better purpose.
(went to write math and programs etc.).
The Creator is gonna smite your ass.
No. A person can not be punished for his/her speech,..... unless he is Mr.Blankfein.
Oil idolatry is killing the world. The Creator will not stand and wait.
Hmmm....
...this is a retaliatory attack in response to the attack on the deepwater horizon.
http://news.yahoo.com/s/time/08599200237800
there is something very dangerous going on internationally...
http://www.east-asia-intel.com/eai/
Funny how once you are attuned to something you notice it everywhere...even if it was already happening all the time and you didn't notice it before.
Since I love one-liners I made up a one-liner for this phenomenon:
"Dante saw a lot of Italians in Hell"
How about "Burroughs saw a lot of faggots in Hell"??? OK nevermind.
Funny how once you are attuned to something you notice it everywhere
In Pittsburgh this summer it's bears in the backyard. Everybody's got a bear in the backyard and the snapshots make the news. Bears, bears and bears, oh my...
Perhaps Francisco d'Anconia is afoot? Does he have a hand in the oil business?
Ragnar Danneskjöld
What's this "curious" thing all about? It's not temporaly nor spatially corelative to the Gulf spill. Why the suspicious wording?
Serious as hell, and a tragedy, yes.
I wonder if the Chinese will prevent the 1,115 foot long super skimmer "A Whale" from helping collect the plume, as the U.S. did?
that ship doesn't even have skimmer, it has slits in side that are meant to collect thick oil..unfortunately, this oil is dispersed...all reports I have read most of the oil in the gulf is thin, sheening, this boat is ineffective on this type of oil
We are no better than a colony of bacteria, mindless expansion until the environment or resources are gone.
I suggest you take personal responsibility by removing yourself from the planet. Or stfu.
cancer
I know! Let's see who can express the most hatred for mankind!
Not.
All of this occurred at a port. Which should remind us that oil spills from tankers are much more common than from drilling. So the deepwater moratorium means we are INCREASING the odds of oil being spilled in our waters.
Please deconvolute the amount of tanker traffic versus the similar delivery and activity levels at deepwater sites.
I think you are apples and oranges here.
Or to be blunt, take your fallacious argument someplace else.
Is it your contention that the main historical venue for spills in US waters have NOT been tankers? 50,000 wells in US Gulf waters and 1 loss of control? Or do you believe it is fallacious to assume that oil not produced from US deepwater will not be purchased elswhere & tankered in?
Deja Vu?
An explosion at an oil refinery is somehow related to an oilspill in the gulf of mexico?
Stretching it just a little bit far aren't we?
Deja vu as to the explosion and oil spill in general.
Granted, U.S. Gulf of Mexico (GoM) is not geographically related to Dalian, China; a deepwater oil well explosion is not exactly the same as oil pipeline explosions. However, IMO, it just seems perculiar on many levels. Six explosions seem more than an accident. And Dalian is a lot closer to the City of Beijing than GoM is to Washington DC. But of course, it is just my observation..., speculation, at best.
Agreed. Maybe if the author likes inserting the term "Deja Vu" she might make a more rational connection to the North Korean Sailors who were killed, since that was also encouraged by the Chinese state leaders' never-ending grip for power. Or maybe she can go to Dalian and eat some shrimp from the local Harbor if she thinks Hu Jintao should be honored for sainthood.
Not sure where you got the idea that I'd like to honor Hu. My post was citing various news reports, if anything, it is the western media giving you that vibe. btw, I'm not from the PRC.