Marine insurance covering All Risks, War Risks, and S. R. C. C. for full CIF value shall be covered () the buyer's store in New York.
Text 4
Everyday some 16m barrels of oil leave the Gulf through the Strait of Hormuz. That is enough to fill a soft drink can for everyone on earth, or to power every motor vehicle on the planet for 25 miles (40km). Gulf oil accounts for 40% of global trade in the sticky stuff. More important, it makes up two-thirds of known deposits. Whereas at present production rates the rest of the world’s oil reserves will last for a mere 25 years, the Gulf’s will last for 100 years. In other words, the region’s strategic importance is set to grow and grow.
Or at least so goes the conventional wisdom, which is usually rounded out with scary talk of unstable, spendthrift regimes and a looming fundamentalist menace. Yet all those numbers come with caveats. A great deal of oil is consumed by the countries that produce it rather than traded, so in reality the Gulf accounts for less than a quarter of the world’s daily consumption. As for reserves, the
A. will leave the locals in impoverished conditions,
B. is less than the assessment in a comprehensive research.
C. will diminish the region's strategic importance.
D. is traded rather than consumed by its producers.
M: Hello. I’m from CCTV. Can I ask you some questions
W: Sure, go ahead.
M: What are you feeling today
W: Happy and excited. You see, everybody is enjoying our National Day as well as the Mid Autumn Festival. It’s quite special.
M: Yes, China is developing very rapidly.
W: That’s true. In July, we won its bid for the 2008 Summer Olympics. In August, we made the 21st University Games the best in its history.
M: You know quite a lot.
W: Of course. And in September, news came that our country would become a member of WTO. Still to come this month is the economic APEC summit in Shanghai.
M: So many things for us to be proud of. Besides, I should say our men’s football team has made for the World Cup final in 2002. That’s inspiring news.
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