China and Iran Draw Closer

In late October, China’s government-owned Sinopec Group signed a $70 billion oil and natural gas agreement with Iran. Under the terms of the agreement, “Sinopec Group will buy 250 million tons of liquefied natural gas over 30 years from Iran and develop the giant Yadavaran field,” reported Beijing’s Xinhuanet news service. “Iran is also committed to export 150,000 barrels of crude oil to China for 25 years after commissioning of the field.”