Building a world of
resilient communities.

MAIN LIST

 

China, Iran sign valuable oil & gas contract

China's oil giant Sinopec Group has signed a $70 billion worth oil and natural gas deal with Iran; China's biggest energy deal with the No. 2 OPEC producer.

Under a memorandum of understanding signed on Thursday, Iran agreed to sell Sinopec Group 250 million tons of liquefied natural gas over 30 years.

Iran also agreed on selling 150,000 barrels per day of crude oil to China for 25 years at market prices after commissioning of the field.

In his two-day visit to Beijing, Iran's oil Minister Bijan Zanganeh said that Iran is China's biggest oil supplier and wants to be its long-term business partner.

China has imported 226 million tons of oil in 2003, about 13 percent of which coming from Iran, according to official figures.

Beijing expects to secure foreign energy supplies by the deals for its economy, which has turned China into a major oil importer yet suffers serious power shortages.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

Tags:  

Peak oil notes - Aug 21

 A mid-week update. After falling for two days, oil prices …

A New Frontier for Fracking: Drilling Near the Arctic Circle

Hydraulic fracturing is about to move into the Canadian Arctic, with …

The Shale Sugar Lick

A well known American comedian, Ron White, quips about the amount of sugar …

Peak Oil Review - Aug 18

A weekly review including: Oil and the Global Economy, The Middle East & …

IEA report implies US crude production may start to peak 2016

When it becomes apparent that US tight (shale) oil has peaked, there will be …

Peak mileage and the diminishing returns of technology

In the US; people are driving less. Perhaps there are behavioral factors …

Busting the Bureau of Land Management’s Frackopoly

I want my grandchildren to be able to enjoy the Moab area as I have more …