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August 03, 2006
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Money, not brains
Oil and water don't mix. It's handy to remember that before throwing your fortune at trying to prove the saying wrong. From the SCMP, China's Don Quixote: Chen Jinyi, once China's 35th richest man, is facing court action over unpaid debts after spending his entire fortune on a project to turn water into fuel oil. Hoping the modern version of medieval alchemy would work, Mr Chen and his company, Jinyi Group, spent more than 100 million yuan on research and development into an unproven technology that would dilute oil with water to produce cheaper and more efficient fuel.Certainly somone needs scientific education work. At least it's only Chen's money, not shareholders. Given that bottled water costs more than petrol, I'm not sure this would be an improvement even if it worked. posted by Simon on 08.03.06 at 10:40 PM in the China economy category.
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