Archive
Details About India and China’s Plans to Stockpile Crude Oil
Energy expert Matt Badiali writes in DailyWealth that plans out of China and India to create strategic oil reserves of their own could put a floor under the price of oil for years to come:
China and India are faced with the same dilemma the U.S. faced in 1973. Neither country has enough petroleum to keep its citizens rolling for long. Both are exposed to a dangerous, economy-killing oil shock. And both are starting to build and fill strategic petroleum reserves of their own. They have no choice but to buy oil like crazy at these levels.
China has about 102 million barrels already in reserve. It plans to add another 168 million barrels of storage starting this year. It will finish its planned 500 million barrel reserve – equal to three months of imports – by 2020. To hit that mark, China will need about Read more…
Soros: Communist Chinese Model Of Order May Become “The Envy Of The World”
Billionaire investor George Soros has once again cited China’s dictatorship as the model for the rest of the world in a speech at an elite gathering in Europe.
Soros told the exclusive Travellers Club, that “China’s model of state capitalism, in which the interests of the individual are subordinated to those of the government, poses a danger if its example becomes“the envy of the world.”
“Perfect order and global governance are not realistic expectations.” Read more…
China Taps Antisatellite Weapon for Missile Defense: Cable
China in an early 2010 exercise attempted to intercept a mock enemy missile with the same weapon it had used to shoot down one of its orbiting satellites in a test three years earlier, suggesting the nation’s antisatellite technology was also designed to defend against strategic missiles, the Washington Times reported yesterday (see GSN, Jan. 14, 2010).
The apparent multipurpose nature of China’s SC-19 missile — described in a U.S. State Department communication obtained by the transparency organization WikiLeaks — represents a marked stride in China’s efforts to bolster its armed forces, defense officials said (see GSN, Feb. 7).
“The U.S. Intelligence Community assesses that on 11 January 2010, China launched an SC-19 missile from the Korla Missile Test Complex and successfully intercepted a near-simultaneously launched CSS-X-11 medium-range ballistic missile launched from the Shuangchengzi Space and Missile Center,” the State Department document says.
“An SC-19 was used previously as the payload booster for the January 11, 2007, direct-ascent antisatellite (DA-ASAT) intercept Read more…
Earthquake in SW China destroys scores of homes, causes casualties
KUNMING, CHINA (BNO NEWS) — A strong earthquake struck the Chinese – Myanmar (Burma) border region on late Thursday morning, seismologists said, destroying scores of homes and a supermarket and causing an unknown number of casualties.
The 5.8-magnitude earthquake at 11.28 a.m. local time (0458 GMT) was centered in the Dehong Dai and Jingpo Autonomous Prefecture in China’s Yunnan Province, close to the border with Burma. It struck about 10 kilometers (6.2 miles) deep, making it a shallow earthquake, according to the China Earthquake Networks Center (CENC).
Several minutes after the initial earthquake, CENC said two aftershocks with magnitudes of 4.5 and 4.7 rattled the area. Reports of damage and casualties were coming in, the state-run Xinhua news agency said.
Xinhua cited county officials as saying that “many houses” in the region had collapsed, causing an unknown number of casualties. A supermarket also collapsed, it added, without giving other details.
In October 2010, a light 4.7-magnitude earthquake destroyed a school in Taikang County in the country’s Hennan Province, injuring 12 students. The quake also destroyed dozens of other homes in the region.
And in August 2010, more than 300 homes were damaged and 12 people were injured when a moderate 5.0-magnitude earthquake rattled Sichuan province. Before that, on April 14, nearly 3,000 people were killed and more than 12,000 others sustained injuries when a powerful 7.1-magnitude earthquake rocked northwest China’s Qinghai Province.
China Approves Kuwaiti Refinery
BEIJING—China has given final approval to Kuwait to build an oil refinery in the south of the country in a joint venture with China Petroleum & Chemical Corp., a person with firsthand knowledge of the decision said Tuesday.
China, dependent on oil imports, has been making deals with major producers to process more crude domestically.
The $9 billion project between Kuwait Petroleum Corp. and Asia’s largest refiner by capacity, also known as Sinopec, has been under negotiation for more than five years. It includes a refinery with a capacity of 300,000 barrels a day in the city of Zhanjiang in Guangdong province and an ethylene plant with a capacity of a million tons a year, along with related utilities, jetties and oil pipelines, according to previous comments from government and company officials involved in the Read more…
China – Security System on Steroids for Mega-City
The mega-city of Chongqing in southwest China plans to build a $2.6 billion security system that will be one of the world’s largest with 500,000 surveillance cameras, state media have said.
Chongqing police chief Wang Zhijun said the system would be the world’s largest new security network since the September 11, 2001 attacks in the United States, the Global Times reported.
The system would dwarf a network of 40,000 security cameras installed in the capital of China’s far-western Xinjiang region last year, following deadly July 2009 clashes between Muslim Uighurs and members of the majority Han group.
Chongqing’s more than 500,000 cameras, which are due to be installed by Read more…
Turkmenistan to boost gas deliveries to China
AP
ASHGABAT, Turkmenistan (AP) — Energy-hungry China is set to sign an agreement with the Central Asian nation of Turkmenistan later this year to boost its future annual natural gas purchases by 20 billion cubic meters, state newspaper Neutral Turkmenistan reported Wednesday.
The deal means Turkmenistan’s annual gas sales to China will eventually reach 60 billion cubic meters — equivalent to more than half China’s entire natural gas consumption last year.
Turkmenistan began delivering gas to China through a newly completed pipeline in late 2009, but that route is only expected to reach full annual capacity of 40 billion cubic meters by 2015. As of mid-February, Turkmenistan had supplied 5.8 billion cubic meters of Read more…
China Adds New Limits on Foreigners
A police officer, left, filmed a foreign journalist as street cleaners swept water to keep passersby moving and a plain clothes officer, right, watched pedestrians on Sunday along Wangfujing Street in Beijing, where a protest had been called.
By SHARON LaFRANIERE
BEIJING — Apparently unnerved by an anonymous Internet campaign urging Chinese citizens to emulate protests that have rocked the Middle East, the authorities this week have begun a forceful and carefully targeted clampdown on activities by foreigners that the government deems threatening to Read more…
Iran, China playing key role in establishing new, fair world order
Iran and China could as two ancient civilizations play an effective role in establishing a new justice-based world order, President Mahmoud Ahmadinejad said Tuesday.
He made the remarks in a meeting with the new ambassador of China who was meeting with the Iranian President to submit his credentials to him.
“The current system of the world is old and rotten and its unjust nature has now become clear to everyone,” President Ahmadinejad said stressing that under the present circumstances, the world needed a “new, humanitarian and fair order which could be defined and established with the help of Iran and China.”
Referring to the common economic and political points between Iran and China, President Ahmadinejad said promotion of Tehran-Beijing bilateral ties was one of Iran’s top priorities.
Meanwhile, the Chinese diplomat referred to Iran as a great and ancient civilization which enjoyed a high position among the Middle Eastern states.
He added that Iran has also been playing a great role at the regional and international arenas.
The Chinese ambassador stressed the need to further activating existing potentials to upgrade bilateral cooperation between the two capitals.
China Takes Giant Step Towards Making the Yuan the World’s Reserve Currency
For years, I’ve been writing about the long-term decline of the Dollar, and the rise of the Chinese Yuan … and it’s potential to become the world’s next reserve currency.
As I pointed out in 2007, many countries have started moving out of the Dollar as the basis for international trade settlements, including:
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Venezuela and 12 other Latin American countries as well as Cuba
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Many other countries
In 2008, I wrote: Read more…
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