cue up or down !!!!!!!, page-43

hang on china - cue is nearly there! Hang on China - Cue is nearly there! Oyong will be producing any time now, and revenue from that alone will be big! Jeruk nearly at target depth now, and we really will see just how big this deposit is! And then there's the gas, Cue's got plenty of that as well!
Toggs, no point trying to short Cue at this late stage of drilling! If the market saw Fridays announcement as being a problem, it would have reacted accordingly as the announcement came out in the mid-afternoon session. There was no reaction to it, other than increased late buying, so I am happy to leave the drilling
to the professional oilers, not the nervous nelly 'tap dancer' speculators and investors!
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AFP Business News - Financial News Finance News -

Oil and gas shortage hits China's southern manufacturing hub

Friday August 5, 2005, 5:32 pm

BEIJING, (AFP) - Skyrocketing global oil prices and rising demand has left China's southern business metropolis of Guangzhou so short of fuel that drivers face rationing at the pump, a state newspaper reported.

The capital of Guangdong province is facing a monthly shortfall of about 50,000 tonnes of refined products, the China Daily quoted Xie Zhaowei, secretary of the Guangzhou Petrol Industry Association, as saying.

As the price of crude has risen around the globe along with Chinese demand to feed an economy ticking along at 9.5 percent annual growth, domestic refineries have been caught short.

Partly to blame are the country's domestic refineries, which are reluctant to ramp up in the face of higher oil prices, said Han Xuegong, a senior analyst for China National Petroleum Corp, the nation's largest oil group.

China's state-controlled oil prices loosely follow movements in the global markets but gasoline is often sold at a discount to keep consumer costs down.

"Asia's largest oil refiner Sinopec relies on imports for much of its crude for refining so the surging crude prices on the world market have greatly hurt the oil giant's refining business when the central government still controls the price of domestic refined oil to stabilize the market," Han said.

Some gas stations were refusing to sell 90-grade unleaded gasoline as station owners claimed they were losing money on it, the newspaper said.

Meanwhile, recent stormy weather in the region has delayed oil shipments.

China's large consumption of energy, a result of its fast-growing economy, and rising demand for refined products as more people ditch their bicycles in favour of cars is also an increasing strain, Han said.

The world's most populous country expects to import 130 million tonnes of crude in 2005, up from last year's record high of 122 million tonnes.

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