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DUBAI/BEIJING April 13 (Reuters) - Chinese state oil firms have maintained the pace of project development in Iran while Beijing resists any new sanctions on the energy sector designed to press Tehran to curb its nuclear programme, industry sources said on Tuesday.
China, which has close economic ties with Iran, has much to lose from any sanctions that limit new investment to develop the world's second-largest oil and gas reserves.
Originally posted by JanusFIN
China cant afford to loose Iran. And Russia is totally aligned with Chinese in these worldwide strategies and interests by their very deep SCO cooperation.
Why Is Iran Importing Gasoline?Other oil-rich nations don't have to.
Two weeks ago, Iran's parliament approved legislation aimed at controlling the ballooning cost of the country's gasoline imports by getting Iranians to drive less. This may seem odd, given that Iran has the world's third-largest oil reserves and used to give gasoline away for pennies per gallon. Why are they now importing fuel?
The country's aging and inefficient refineries can't meet its swelling demand for gasoline. Iran may be brimming with crude oil, but it can't convert enough of the raw product into refined fuels like diesel, kerosene, or gasoline. International sanctions and political pressure from the United States and other countries have discouraged multinational energy companies from making large-scale investments in Iran's infrastructure. Meanwhile, Iranian domestic energy policy—including heavy subsidies for gasoline—has encouraged waste and increased domestic demand.
Refineries don't come cheap: In the United States, it can cost billions of dollars to set up a brand-new facility. Iran might be able to put one together for less, given its more relaxed environmental regulations. But the Iranians would still need to make a huge investment to offset their high demand for gasoline and reduce the need for imports. Other countries draw development money from energy companies in exchange for market access. But many companies have shied away from making such deals with Iran. They face direct sanctions from the United States and United Nations, as well as political pressure discouraging involvement. More generally, Iran is known for a restrictive, bureaucratic business environment that can scare off investment.
July 30, 2009 —
Iran's recent invitation to Chinese oil companies and banks to invest $43 billion in Iran's oil industry was understandably dismaying to U.S. policymakers. After all, Tehran is attempting to trade access to its abundant oil and natural gas reserves for diplomatic support on its uranium enrichment program, and China's growing appetite for energy makes it vulnerable to such temptations.
Originally posted by belial259
Well that only leaves us with the conclusive that if Israel or America attack Iran they'll also be at war with China and Russia. Once again I have to say like it seems inevitable at this point and were merely going through the motions.
Military exchanges between China and the United States are still suspended, a People's Liberation Army spokesman said Tuesday, despite a recent warming of relations between the countries.
China cut military ties with the United States earlier this year after the Obama administration said it would go ahead with a planned sale of $6.4 billion in military hardware to Taiwan.
Read more: www.sfgate.com.../n/a/2010/04/13/international/i022957D95.DTL#ixzz0l5F2DLNN
SINGAPORE — A state-owned Chinese refiner plans to ship 30,000 metric tons of gasoline to Iran after European traders halted shipments ahead of possible new UN sanctions, according to Singapore ship brokers.
Beijing has growing commercial and political ties with Iran and has resisted US pressure for sanctions to press Teheran to abandon its nuclear program. Chinese officials say the country is entitled to energy trade.
Unipec, the trading arm of China Petroleum & Chemical Corp., or Sinopec, plans to load the oil tanker Hongbo with the gasoline Thursday in Singapore, said the brokers, who asked not to be identified further to avoid jeopardizing customer relations.
They said the tanker will likely go directly to Iran.
Possible new sanctions against Iran should not affect the launch date for the country's first nuclear power plant, a senior Russian member of parliament said on Wednesday.
The United States and other Western countries suspect Iran of developing nuclear weapons under the cover of a civilian nuclear energy program and are seeking new sanctions following Iran's move to enrich uranium to 20%.
"New sanctions will have no impact on the timeframe for putting the [Bushehr nuclear power plant] into operation," said Leonid Slutsky, first deputy head of the State Duma International Affairs Committee.