China's Floods Hurt Oil, Other Industries

More than 1,000 wells in the Daqing oilfield, representing one-third of China's petroleum production, are shut down in the wake of Yangtze and other river flooding. Hundreds of thousands of soldiers and oil workers are working around-the-clock to keep back the Nen River, which threatens the lucrative wells, according to reports.

Two plants operated by Hubei Axles, an agricultural-equipment producer, also have been closed. Another flood victim is Huaxin Cement in Hubei province; flooding has blocked shipments and pushed up the price of sand, a key ingredient of cement.

Unusually heavy rains have prompted the river floods, which have killed more than 2,000 people.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish