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Thread: China, Iran On The Brink Of Huge Oil Deal

  1. #1
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    China, Iran On The Brink Of Huge Oil Deal

    China, Iran on the brink of huge oil deal

    http://economictimes.indiatimes.com/...ow/1419574.cms

    (Gold9472: Now how can Iran concern themselves with oil if the U.S. and Israel are blasting them to hell? China won't like that. They NEED the oil.)

    ELAINE KURTENBACH
    AP[ SATURDAY, FEBRUARY 18, 2006 02:54:47 AM]

    SHANGHAI :China and Iran are close to setting up plans to develop Iran’s Yadavaran oil field, according to published reports, in a multi-billion dollar deal that comes as Tehran faces the prospect of sanctions over its nuclear program. The deal is said to be worth about $100bn.

    According to Caijing, a respected financial magazine, a Chinese government delegation is due to visit Iran as early as March ’06 to formally sign an agreement allowing China Petrochemical (Sinopec), to develop Yadavaran. The Wall Street Journal also reported in Friday’s editions that the two sides are trying to conclude the deal in coming weeks before potential sanctions are imposed on Iran for its nuclear ambitions. The report cited unnamed Iranian oil ministry officials familiar with the talks. The deal would complete a memorandum of understanding signed in ’04.

    In exchange for developing Yadavaran, one of Iran’s largest onshore oil fields, China would agree to buy 10m tons a year of liquefied natural gas for 25 years, beginning in ’09, the Caijing report said, citing Sinopec board member Mou Shuling. Chinese and Iranian officials in Beijing said they could not confirm the report.

    Staff at Iran’s embassy in Beijing said they were aware of the report but had not heard Mou’s remarks, which Caijing said were made at a recent embassy event. A written statement from the Iranian Embassy noted that the two countries have been working together in various energy fields.

    “following the rule of mutual benefits and respect in all bilateral co-operation.” The Caijing report said Chinese and Iranian officials met in December last for talks on the project.According to the published report, Sinopec would hold a 51% stake in the Yadavaran project, with India’s ONGC taking 29%. The remainder would go to Iranian companies and possibly to Royal Dutch Shell PLC, which has also expressed interest, it said.

    The report also said that there was some disagreement over intended capacity, with Iran asking China to agree to daily output of 3,00,000 barrels of oil, while Sinopec preferred to set a target of 1,80,000 to avoid excess production.

    China, seeking oil and gas to fuel its booming economy amid stagnant production at home, has been snapping up energy resources in places as far flung as Venezuela, Kazakhstan, Nigeria and Australia.
    No One Knows Everything. Only Together May We Find The Truth JG


  2. #2
    PhilosophyGenius Guest
    Not a smart move for China to be going after world oil if you ask me. Obviously the rate of people buying cars and using energy is through the roof in China but it's not to late for them to start using something clean, so in the future, they won't have to worry about Peak Oil.

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    They're worried about it now.
    No One Knows Everything. Only Together May We Find The Truth JG


  4. #4
    PhilosophyGenius Guest
    They shouldn't be. If they focus more effert on getting energy from renewable sources rather than what everyone else uses in the world, they shouldn't be. They're still in the early stages so it's not to late for them to find something else.

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    You make it sound as if China has been in the dark ages.
    No One Knows Everything. Only Together May We Find The Truth JG


  6. #6
    PhilosophyGenius Guest
    The way I know China is this: Big cities like Hong Kong and Bejing are bigger and more advanced than ours. But the rest of the country with it's population of 1.3 billion live simple lives where most people ride bycles everywhere. Now the demand for cars and energy is going through the roof and China is now more than ever going after the world's oil supply. So it's not to late for them to start using renewable sources.

    But for us it's to late cuz everyone already has cars and are dependent on it, and also the average American use a crap load of energy a day.

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    No One Knows Everything. Only Together May We Find The Truth JG


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    No One Knows Everything. Only Together May We Find The Truth JG


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