CHINA & IRAN WORKING ON $100 BILLION ENERGY DEAL
China will spend billions to develop oil fields in Iran over the next decade. In exchange, Iran will supply China with 10 million tons of liquified natural gas each year for 25 years.
"China, seeking oil and gas to fuel its booming economy amid stagnant production at home, has been snapping up energy resources in places as far flung as Venezuela, Kazakhstan, Nigeria and Australia. Its investments in Iran and Sudan have prompted complaints it is undermining diplomatic efforts to bring recalcitrant regimes in line.
Beijing has strongly urged that a diplomatic solution be found to the impasse over Iran's nuclear program.