NEW OIL DEAL WOULD MAKE IRAN LARGEST CHINESE SUPPLIER
This couldn't come at a worse time. It looks as if Russia and China will end up siding with Iran in the stand-off over Iran's nuke development... especially if this deal goes through. If Iran becomes the largest oil supplier to China, why would they back any U.S. initiative to impose sanctions? This type of entangling economic alliance is just what may lead to another world war...
China and Iran are close to setting plans to develop Iran's Yadavaran oil field, according to published reports, in a multibillion-dollar deal that comes as Tehran faces the prospect of sanctions over its nuclear program.
The deal is thought potentially to be worth about $100 billion.
According to Caijing, a respected financial magazine, a Chinese government delegation is due to visit Iran as early as March to formally sign an agreement allowing China Petrochemical Corp., also known as Sinopec, to develop Yadavaran.