*** The US government has made too many enemies. The life-blood of the American way of life, oil, now threatens to be diverted to other countries instead - even enemies of the USA. The US will take military action to prevent Iran from feeding China while America, the world's most oil-hungry economy, faces rapid and fatal starvation when oil supplies peak in less than 20 years time. The oil producing countries have the power to destroy America, and they may be waking up to the fact. America is the most powerful nation in history, but every great civilization must come to an end. ***
Iran will sell oil to China instead of America
China's oil giant Sinopec Group has signed a $70 billion oil and natural gas agreement with Iran, which is China's biggest energy deal with the No. 2 OPEC producer.
Under a memorandum of understanding signed Thursday, Sinopec Group will buy 250 million tons of liquefied natural gas over 30 years from Iran and develop the giant Yadavaran field.
Iran is also committed to export 150,000 barrels per day of crude oil to China for 25 years at market prices after commissioning of the field.
Iran's oil Minister Bijan Zanganeh, who is on a two-day visit to Beijing pursuing closer ties, said Iran is China's biggest oil supplier and wants to be its long-term business partner.
Official figures show that China imported 226 million tons of oil in 2003, about 13 percent of which coming from Iran.
Beijing expects to secure foreign energy supplies by the deals for its economy, which has turned China into a major oil importer but suffers severe power shortages.
SOURCE: CRI News (Cn), "China Signs Biggest Oil &Gas Deal with Iran", 30 October 2004.
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The Debate - The truth about the 'war on terror'
"The Insider" mailing list article, 01 November 2004.
Tags: Iran, China, oil, deal, contract, OPEC, gas, energy, crisis, America, war, , conspiracy theories.