China Signs Series Of Deals To Develop Supergiant Oilfield In Iran — Simon Watkins

Summary:
Two key questions logically arise from last week’s announcement from Iran’s Petroleum Ministry that it has awarded a US.3 billion development deal to more than double oil production at the supergiant South Azadegan oilfield, the second such oil project signed this month, the other being a US0 million development contract for Yaran. The first question is, given the fact that Iran is technically bankrupt, how can it afford such projects? The second is, given the swingeing U.S. sanctions still in place – including against the main tanker fleets of the National Iranian Tanker Company and the Islamic Republic of Iran Shipping Line – where is any of this increased oil supply meant to go? The answer to both questions is the same – China – and precisely what is going on is analysed

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