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Dalian Port slides following pipeline explosions

Dalian: Dalian Port (PDA) Co., operator of China's largest crude-oil terminal, fell the most in two months after explosions at pipelines operated by a PetroChina Co. unit caused what may be the biggest oil spill in the country's seas.
The stock declined as much as 7.3 percent, the biggest drop since May 17, to HK$2.93 and traded at HK$3.02 at 12:28 p.m. in Hong Kong. PetroChina, the world's second-largest company by market value, fell 1.9 percent to HK$8.42 while the benchmark Hang Seng index was down 1 percent.
The blast that occurred during the offloading of a tanker late on July 16 has "seriously" polluted 11 square kilometers (7 square miles) of sea and "slightly" affected 50 square kilometers, the official Xinhua News Agency reported today, citing Wu Guogong, deputy chief of the municipal environmental protection bureau.
"Details of the accident are sketchy, but it appears that the oil spill has been contained," Grace Liu, analyst at Guotai Junan Securities Co., said by phone from Shenzhen.
More than 20 vessels have been deployed to spray chemicals to clear the oil and a 7-kilometer barrier has been set up to contain the spill, which may take two weeks to clean up, China National Radio said today, citing Huang Yong, deputy chief of Dalian city's Maritime Safety Administration. The Yellow Sea port is capable of handling 57 million tons of crude annually, according to the website of its parent, PDA Corp. [19/07/10]


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