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Oil tanker collision: What is condensate and what impact will it have on local environment?

Sanchi, an oil tanker carrying 136,000 tonnes of condensate from Iran, sank on Sunday off the coast of Shanghai, over a week after it collided with a Chinese cargo ship. Since the accident on January 6, Sanchi had been ablaze and was rocked by partial explosions a few times. What is condensate? Is it toxic? What impact does it have on local sea environment?

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