China To Send Iran Gasoline

Jerusalem Post ^ | 14 April 2010 | AP

[edpc]

As UN mulls sanctions, Beijing fills void left by European firms.

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

[edpc]

Good to see all the progress the Obama administration is making on securing a coalition against Iran.

/s

[SubMareener]

Maybe George Soros is getting a cut?

[FatherofFive]

A state-owned Chinese refiner plans to ship 30,000 metric tons of gasoline to Iran

In glass bottles with some cloth sticking out the top?

[rjp2005]

Obama’s nuclear summit is working!!!! ;)

[Tarpon]

And just yesterday, didn’t O-dumbo say China was on board with new sanctions?

Something tells me chicoms don’t like liars.

[jiminycricket000]

America could destroy China’s economy by initiating a boycott against goods imported from that Communist nation. It’s time to stop worrying about ‘world economic impact’ through such a move, and just find the balls to do it. In a short period of time the U.S. would soon discover it doesn’t need trade with the Chinese. We can manufacture everything we need right here, and that would increase the job market and boost our economy. Our natural resources, technology and manufacturing abilities are unparalled on earth, SCREW CHINA.

[throwback]

Here we have it. The one sanction that might have really hurt and destabilized Iran is not and will not be imposed. Therefore, Iran will go nuclear. Obama is bringing us Armageddon. Well, the Lord knows what He's doing.

[econjack]

This is huge! Perhaps the single most potent weapon against Iran is a ban on exporting gasoline to Iran. While it seems silly on the surface, since Iran is one of the biggest OPEN oil producers, it has virtually no refining capacity and must import about 80% of its distillate fuels. Gasoline lines piss people off, and Iran is no exception. The Chinese know exactly what they are doing here...keeping domestic revolts down by keeping Iran's consumers happy. I don't know what the counter-move here is, but we need to do something...

[bert]

The trip from China is long. There is plenty of opportunity for a submerged sub to destroy the tanker.

Do the Chinese have the wherewithall to escort every tanker with a naval escort?

[bert]

......must import about 80%......

I thought the figure was something less than 50%

[econjack]

This would be extremely difficult to do. We have let our manufacturing sector languish almost to the point of no return. Bringing this domestic production capacity back on line would take years, and it would only happen if the gov't made some kind of guarantees that domestic markets would be protected. Also, it's a tough sell to consumers when they see a Chinese product of equal quality for sale for $10 and the domestically-produced product for $13. People will wave the Buy American flag on high until it hits them in the wallet. As a free-market economist, I have a hard time supporting protectionism. I still believe in comparative advantage and we still have some areas where we lead (e.g., tech, medicine, pharma research, etc.) Unfortunately, we have a leader at the helm with the economic IQ of plankton, so I don't see much meaningful help coming from that sector. Plus, you have a Congress that actually believes Guam could tip over. None of this augers well for us...

[econjack]

I’ll try to find the source for my figure. Meanwhile, either percentage is big, since the demand for gasoline is so inelastic (e.g., small swings in quantity product huge swings in price).

[bert]

.....Despite Iran’s status as a top OPEC nation exporting 2.6 million barrels of oil per day, it lacks the required refining capacity to meet domestic demand for fuel and must import more than 40 percent of its gasoline. ......

You said distillates. This says Gasoline . There might be a heavier weighting of diesel.

http://www.house.gov/list/press/il10_kirk/Iran_Sanctions_Enhancement_Act.html

[WellyP]

Obama gets PUNKED AGAIN!

[PilotDave]

“30,000 metric tons of gasoline”

Something goofy in this story. That’s a tiny amount of gas. Perhaps 120,000 barrels? Or less than 1/10th of a typical tanker? That wouldn’t supply Tehran for a day...

[edpc]

Many of China’s food exports are tainted with chemicals. Wonder if their gasoline will be tainted with baby or pet food.

[Last Dakotan]

Chinese foreign policy goals seem to be limited to sourcing raw materials - period. If they get a chance to poke the US in the eye along the way - so much the better.

[Last Dakotan]

Something tells me chicoms don’t like liars.

As always - it takes one to know one.

[pray4liberty]

Yeah, and God got mad today and shook the place up.

[Cindy]

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THE MEMRI ECONOMIC BLOG.org: "IRAN'S PRIVATE SECTOR ACQUIRES SHARES IN CHINESE BANKS" (April 14, 2010) (Read More...)