China Rushes to Complete $100 Billion Oil Deal With Iran

washingtonpost. ^ | February 17, 2006; 5:39 PM | Peter S. Goodman

[dennisw]

China is hastening to complete a deal worth as much as $100 billion that would allow a Chinese state-owned energy firm to take a leading role in developing a vast oil field in Iran, complicating the Bush administration's efforts to isolate the Middle Eastern nation and roll back its nuclear development plans, according to published reports.

The completion of the agreement would advance China's global quest for new stocks of energy. It could also undermine U.S. and European initiatives to halt Tehran's nuclear plans, possibly generating friction in Beijing's relations with outside powers.

Caijing, a respected financial magazine based in Beijing, reported on its Web site on Thursday that a Chinese delegation comprised of officials from the National Development and Reform Commission -- a top economic policy body -- intends to visit Iran as early as next month to conclude an agreement. The deal would clear China Petrochemical Corp., also known as Sinopec, to develop the Yadavaran oil field in southern Iran.

Beijing and Tehran are attempting to swiftly conclude a deal in the next few weeks, ahead of the possible imposition of international sanctions against Iran, according to a report published in Friday's editions of The Wall Street Journal. The report relied upon unnamed Iranian government officials. Sanctions could hinder Chinese investments in Iran.

Analysts in China said the deal should primarily be seen as part of Beijing's global reach for new energy stocks to fuel its relentless development -- a drive that has in recent years But the speed with which China and Iran are moving to conclude their agreement and begin development appears to signal Beijing's intent to limit the United States-led drive for sanctions against Iran to curb what the Washington describes as Tehran's rogue effort to develop nuclear weapons.

[dennisw]

Full article. No log on needed I think

http://news.google.com/news?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2005-49,GGLG:en&q=%22China%20is%20hastening%20to%20complete%20a%22&sa=N&tab=wn

[Lunatic Fringe]

China wants a deal in place on which they make a claim after this Iranian government is toppled.

[satchmodog9]

Deal would be void I assume. They are there to prop up the current terrorists and antagonize the rest of us.

[Lunatic Fringe]

I don't think so. China doesn't want a nuclear Iran. China may be clinging to communism with a death grip, but I think they are being wiser than the former Soviets. They see a capitalist future.

[soccer_maniac]

Why not?

Oppose the war, then take all the oil contract.

[Supernatural]

China rushes to cut the throats of the Imperialist U.S. dogs.

[ex-snook]

Nobody is afraid of Iran taking over the world as we are.

[satchmodog9]

I think they see the lefts "third way" socialism myself.

[voletti]

Were Saddam's 'contracts' honored after his toppling? Dunno how much weight failed regimes' words have after their failure. Before the war, during the sanctions regime, all Iranian foreign assets get seized and frozen, trade is totally stopped, and I think, old treaties etc are also overruled.

[B4Ranch]

>>The Sudanese government has been accused of massacring villagers to clear land for further energy development and of committing genocide in its efforts to crush separatist rebels in the western region of Darfur.<<

And our MSM raises hell about clear cutting but I haven't heard a word regarding genocide in the media.

Once more a reporter neglects to mention this is about Euro Dollar contract.

[GSlob]

They could be well advised not to make any significant advance payments.

[Busywhiskers]

This is going to be a re-do of Iraq. The Chinese, Russian, French and Germans will undermine any sort of international sanctions and we will have no choice except to bomb them futher into stone age, which in their case is not a very long trip.

[Brilliant]

My suggestion is take delivery of the oil now, pay later.

[Jeff Head]

GREAT discussion on this yesterday HERE on FR.

Not a good thing. The Chinese, IMHO< are clearly moving to put roadblocks in the way of our strategic interests in preventing Iran from developing nuclear capability.