September 24, 2008
The Growing Tehran-Beijing Axis
Communist China's ravenous energy appetite has fueled its growing political and economic ties with Iran's revolutionary government. On July 21, Iran's Pars oil & Gas Company and China's CNOOC (China National Offshore oil Corp.) finalized contracts to exploit Iran's North Pars gas field. Iran's state-run Press TV channel reported on July 27 that "China's oil giant Sinopec Group has signed a big gas deal worth 100 billion dollars with Iran. Known as the 'deal of the century' by energy experts, Sinopec is going to buy 250 million tons of natural gas [over] 30 years from Iran, and will help Iran to develop its giant Yadavaran oilfield in exchange for Tehran's commitment of exporting 150,000 oil barrels per day to China for 25 years at market prices."
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