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Sunday, June 14, 2009

Sanctions? What sanctions?

Following up on last week's $4.7 billion contract to develop a gas field, the Chinese National Petroleum Corporation has entered into a $2 billion contract to drill for oil at the Azadegan oil field in Iran, one of the largest in the world.
The announcement says CNCP is waiting for approval from Iran to implement the deal to produce 75,000 barrels of oil per day from the north field over the next four years.

The field along the Iraqi border holds estimated reserves of around 33.2 billion barrels of oil. A report on the Iranian Petroenergy Information Network says Chinese companies are playing a role in a $3.7 billion project at a gas refinery in Isfahan meant to boost production there.

Iran says it reserves the right to develop the North Azadegan field for domestic consumption purposes.

Iran provides 14 percent of the Chinese demand for oil.
Sanctions? Good luck with that.


At 9:16 PM, Blogger NormanF said...

Good luck making Iran give up its pursuit of the bomb.

What could wrong indeed


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