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.

Read more about the Iran issue at Oil & Gas Industry Today:

Latest China National Petroleum Corporation (CNPC) news – http://oilandgas.einnews.com/news/cnpc

Located at http://oilandgas.einnews.com, Oil & Gas Industry Today is a service of EIN News, an industry leader in news monitoring for business professionals and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers to its members the latest oil and gas news from around the world, saving them valuable time they’d spend searching for information. New users to Oil & Gas Industry Today can enjoy a no-obligation, one-week free trial.

About EIN Presswire
The EIN Presswire press release distribution service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for leading journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals in more than 80 different industries. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the newest business news at http://www.einpresswire.com and the latest world news in more than 80 different industries at http://www.einnews.com.

ABOUT THE AUTHOR: