China Investment in Iran Likely Too Heavy to Support Sanctions

February 15, 2010 /EIN PRESSWIRE/ If the US is looking for help in sanctioning Iran, it probably shouldn’t look to China. Although China is the world’s fourth-largest oil producing nation, the country has invested heavily in other oil producing nations, especially in Iran, in order to help feed its growing demand for crude.

China National Petroleum Corporation (CNPC) says that Chinese crude imports will rise 9.1% in 2010, with the country getting most of its oil imports from Saudi Arabia, Angola and Iran. According to DawnNews, it’s the imports from Iran that are the most contentious as the Arab state is facing sanctions from the West.

If China were to fall in line and sanction Iran, it would mean a loss of 10 to 12% of its oil imports, the aborting of some $80 billion in development projects and the sacrifice of hundreds of billions of dollars worth of oil, which the Chinese have locked in futures contracts, DawnNews reports.

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