A general view shows the Lavan oil refinery, Iran.Behrouz Mehri / AFP / Getty
From Time Magazine:
Iran may have an ace in the hole as Western governments weigh sanctions in response to the often violent crackdown on opposition demonstrators. The card Tehran is likely to play? China.
On July 13 Iran's Oil Ministry announced that it had China's agreement to invest about $40 billion in refining Iranian gasoline. The deal would include financing the major new Hormoz refinery in southern Iran, which will be able to produce about 300,000 bbl. of gasoline and kerosene a day once the four-year construction project is completed. China would also overhaul Iran's aging Abadan refinery in the south so that its production could increase by 29%, according to Iranian oil officials, who provided no deadline for that project.
Read more ....
My Comment: It is all about energy/oil and China's need for it. China is going to bend all the rules to get a supply from Iran .... and Iran is more than happy to oblige this need.
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