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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3800)	11/29/2004 3:42:38 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China flexing its muscle to cut oil deals The country is trying to fuel its booming economy By DON LEE Los Angeles Times SHANGHAI, CHINA - About a three-hour drive south of Shanghai, along the East China Sea, workers are building 52 gigantic tanks, each capable of holding more than 25 million gallons of oil — enough to supply every driver in China with gasoline for a month. ADVERTISEMENT The storage tanks will help accommodate China's thirst for oil as it looks to fuel its booming economy. And it has plans to stockpile much, much more. China, the world's second-largest consumer of oil after the United States, has plenty of cash to secure sources of petroleum and natural gas. But as aggressively as any nation, it is also cutting deals and forging alliances to get the energy it needs. In South America and Africa, the Chinese government is helping build roads and ports in exchange for oil supply contracts. Beijing pledged to support oil-rich Russia in its bid to join the World Trade Organization as the two countries agreed that Russia would boost its exports of crude by rail to China. chron.com