Sinopec in $6.5 billion Iran refinery deal

Rueters ^ | November 25, 2009 | Reza Derakhshi

[theanchoragedailyruse]

TEHRAN (Reuters) - China's Sinopec (0386.HK) has signed a tentative deal to provide financing of $6.5 billion for oil refinery projects in Iran, two Iranian news agencies reported on Wednesday.

If such an agreement goes ahead, it would provide Iran, the world's fifth-largest crude exporter, with much needed capital to help develop its all-important energy sector, which is under U.S. sanctions.

[theanchoragedailyruse]

There is only one option with Iran and it isn't sanctions...

[Eric in the Ozarks]

I’ve always wondered why Iran had little gasoline/fuel oil making capability. Their oil fields have been developed since the early 1900’s.

[abb]

Heaven forbid we build a refinery here in the U. S. But no, we’re shutting them down instead.

http://www.nj.com/gloucester-county/index.ssf/2009/11/valero_to_shut_down_del_refine.html
Valero to shut down Del. refinery, production shifting to Paulsboro

[HighlyOpinionated]

Are they paying for it with US paper money?

I’m laughing at the thought. Poetic Justice if they are.

[Achilles Heel]

So much for ZERO’s Asian journey.

[bereanway]

Refined petroleum products were one of the biggest levers we held wrt Iran. Wasn’t zer0 crowing about tougher sanctions just a few days ago? Guess he forgot to cover that little detail on his latest Asian junket.

[darkside321]

Refined petroleum products were one of the biggest levers we held wrt Iran. Wasn’t zer0 crowing about tougher sanctions just a few days ago? Guess he forgot to cover that little detail on his latest Asian junket.

---

as far as i know the US is the only country which has a trade embargo against Iran. For the rest of the world it´s business as usuall.

[artaxerces]

The big question is whether Iran will be able to copy the Chinese Refinery technology. If so, they would finally be energy independent.

[bereanway]

I was thinking there were some broader sanctions in place including some of the Europeans. I know there’s been a lot of anger in Israel over Germany’s economic ties with Iran which resulted in over 4 bln euros in trade in 2008. Sounds as if some German trade groups such as NUMOV headed up by former chancellor Gerhard Schroder are aggresively pursuing more trade with Iran. Russia always talks about sanctions but then when push comes to shove they always back off claiming they won’t work. China clearly isn’t interested.

It appears right now that sacntions have a zer0 percent chance of having any impact irrespective of zer0’s grandstanding.

[darkside321]

i don´t think that the EU will be in favour of “real” ecconomic sanctions. given the fact that the EU is the biggest import partner of iran and i guess the second (after china) biggest export partner there is a lot of money and oil involved in this. so i´m not expecting the EU to sanction Iran. from a cold political point of view only. Why should they? most of europe gives a rats ass to what ever happens to Israel. they are not specially important to europe. Iran as a trade partner is.so if you are not shure about certain politics allways follow the money, this will explain most of it.