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!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Starting Over  

What if we didn’t have to work around the grid we have today, with all …

Peak Oil Review - Aug 29 2016

 A weekly roundup of peak oil news, including: -Oil and the global …

Oil reserves and resources as function of oil price

Motorists enjoy lower prices at the pump. How long will that continue?

Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …