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China and Iran draw closer.(Insider Report)(Sinopec Group Co. has signed oil and natural gas agreement )
In late October, China's government-owned Sinopec Group signed a $70 billion oil and natural gas agreement with Iran. Under the terms of the agreement, "Sinopec Group will buy 250 million tons of liquefied natural gas over 30 years from Iran and develop the giant Yadavaran field," reported Beijing's Xinhuanet news service. "Iran is also committed to export 150,000 barrels of crude oil to China for 25 years after commissioning of the field."
Iran, OPEC's second leading oil producer, is China's largest oil supplier. China, in turn, has provided ample military aid to the revolutionary Islamic regime in Teheran. Ironically, Teheran which may be the next target in the Bush administration's crusade to democratize the "greater Middle East"--has benefited tremendously from the invasion and occupation of Iraq.
Citing contacts in the State Department "who must remain anonymous in the current ...
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Source: HighBeam Research, China and Iran draw closer.(Insider Report)(Sinopec Group Co. has...