Posted on 10/06/2019 9:27:24 AM PDT by ameribbean expat
Iranian Oil Minister Bijan Zanganeh says China's national petroleum company has pulled out of a $5 billion deal to help develop Iran's giant South Pars natural gas field in the Persian Gulf.
The development, announced by Zanganeh on the ministry's SHANA website, comes amid economic pressure on both Iran and China from the United States.
It also follows a series of military confrontations in the area between Iran and the naval forces of Britain and the United States.
The China National Petroleum Corporation (CNPC) became the dominant investor in plans for the expansion of South Pars, the world’s largest gas field, after France’s Total withdrew from the project in August 2018.
Winning!
I don’t get it. The enemy of my enemy? You’d think the Chicoms would do it to stick it to us. Not like they’re wooded about the danger to their workers.
“Winning!”
MEGA WINNING!!
I think few understand the economic might of our country and how much influence we have as well as the enormous pressure we can bring to bear, even against China.
Perhaps China has read the hand writing on the wall regarding the Iran regime and doesn’t want to spend money they may never get back.
Those fields would be targets in any drone war. The chinese woud lose their money. Plus the Iranians threaten the oil gas supplies bound for china. Iran has just become too bad of an actor for anyone.
However;
Chinese companies have long helped Iran’s clerical regime to repress its own people. Following 2009’s Green Revolution, for example, Tehran turned to Chinese telecom giant ZTE to provide sophisticated surveillance technology for domestic applications—assistance that has aided the efforts of Iran’s rulers to censor, curtail, and monitor the communications of the country’s captive population in the years since. Another Chinese tech conglomerate, Huawei, has also been identified by the U.S. government as engaging in such questionable commerce with Iran and doing so in violation of U.S. sanctions.
https://www.meforum.org/59279/ilan-berman-china-in-the-middle-east
Alahwahoo Whackbar!
No Chicken Almond Guy Ding for the Parsees!
Poking around on oilprice.com a bit, it is evident that many US’ overseas competitors are working hard, and mostly successfully, to boost their own oil output(s). Iraq in particular is most striking in their increasing production. Even if little Iraqi oil actually goes to China, it is a global market, and it looks to me like the future holds an oil glut possibly greater than anything seen yet...
Is Iraq subject to OPEC production limits? They certainly are not acting like it:
https://oilprice.com/Energy/Crude-Oil/OPECs-No2-Prepares-For-Oil-Export-Boom.html#
“The recent increases in Iraqi production turned what was a sort of minor headache for OPEC into a fully-blown migraine,” Dave Ernsberger, global head of commodities pricing at S&P Global Platts, told CNBC on Thursday.
Iraq hasn’t participated in OPEC quota agreements since the United Nations imposed sanctions in 1990 to punish Baghdad for invading Kuwait.
I wonder how much money Iran owes the Chinese that China knows will never be paid back?
In three months China will be back in... at half the price.
Noted. I was wondering if that had changed, since Iran has a lot of influence over Iraq, at present.
Evidently Iraq’s need for revenue / market share trumps the Iranian’s intents.
Thanks ameribbean expat I'm sure their steadfast ally, Russia, will pick up the slack. Now where did I put the GIF movie of the audience laughing?
What? They couldn’t find anybody to insure it? LOL
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