Nonstopdrivel
15 years ago

April 20, 2010
China Deepens Ties with Iran and Venezuela In Spite of U.S. Consternation
 

By Jason Simpkins, Managing Editor, Money Morning
Just as the United States makes an impassioned push for tougher economic sanctions on Iran, China is reportedly increasing its gas exports to the volatile Middle East nation.

Chinaoil- the state-owned China National Petroleum Corp's (CNPC) trading unit- shipped two cargoes totaling 600,000 barrels of gasoline to Iran in exchange for $55 million, according to Reuters. The cargoes were Chinaoil's first direct sales to Iran since at least January 2009, according to Reuters data.

Additionally, Unipec- the trading arm of the China Petroleum & Chemical Corp. (Sinopec) (NYSE ADR: SNP)- agreed to sell 250,000 barrels of gasoline to Iran.

The sales couldn't come at a worse time for the United States. Washington has spent months lobbying the international community to tighten sanctions on Iran, which is openly expanding its uranium enrichment capacity.

Iran in November announced plans to build 10 uranium enrichment facilities, and earlier this year, officials said construction would start at two sites by March 2011.

While China has in the past been reluctant to support tougher sanctions against Iran, the United States had hoped recent developments would be enough to gain Beijing's support.

However, China's rapid growth in oil imports virtually guarantees that its commercial and political relations with Iran will deepen. China is Iran's No. 2 oil customer and Chinese companies are heavily invested in Iranian oil and gas exploration and development.

Meanwhile, the Red Dragon's relationship with the United States has been strained. U.S. trade officials have long asserted that China undervalues its currency, the yuan, to give its exporters an unfair trade advantage. Meanwhile, many Western companies have complained about being shut out of the Chinese market- a claim that was supported by China's newly imposed "indigenous innovation" rules and high-profile spat with Google Inc. (Nasdaq: GOOG).

Additionally, the United States earlier this year followed through with a $400 billion arms sale to Taiwan and welcomed the Dalai Lama in spite of Chinese admonishments.

On the other hand, Beijing has launched fresh salvos of its own- accusing the United States of devaluing the dollar and enforcing protectionist measures against Chinese companies.

Indeed, the United States and China seem to find themselves at philosophical and political odds as a matter of routine. China has offered to participate in drafting a United Nations resolution to place further sanctions on Iran, but balked at penalizing the nation's energy sector.

It's not just Iran that the United States and China have different opinions on, either. Venezuelan President Hugo Chavez, a staunch ally of Iranian President Mahmoud Ahmadinejad, said over the weekend that China had agreed to extend $20 billion in loans to Venezuela.

CNPC confirmed Monday that it signed several agreements with Venezuela on a long-term credit-for-oil deal and a joint venture to develop the country's Junin 4 oil block. The Chinese state-owned oil company said it also signed a crude oil supply contract with Petroleos de Venezuela (PDVSA) to guarantee the repayment of a 10-year loan.

The deal was just one of many China has struck with multiple Latin American countries to secure resources. That includes a $12 billion bilateral investment fund with Venezuela.

Venezuela already has received, and spent, some $8 billion from China in recent years, which the nation has been paying back with crude oil, The Wall Street Journal reported. Venezuela says it sends some 460,000 barrels a day of crude oil to China, although figures from the Chinese government indicate China only imported an average of 132,000 barrels per day from Venezuela during the first couple months of 2010.

"All the oil that China needs for its growth and consolidation as a power is here," Chavez said as he announced the loans on Saturday.

Similarly, China has anted up to secure resources in Africa, even if that's meant dealing with some unsavory regimes.

For instance, China's friends in Africa have included President Omar Bashir of Sudan - who is currently wanted by the International Criminal Court for war crimes- and Zimbabwe President Robert Mugabe- who has been accused of driving his country into economic ruin and starvation and is heavily sanctioned by the United States and European Union.

"The People's Republic of China (PRC) aids and abets oppressive and destitute African dictatorships by legitimizing their misguided policies and praising their development models as suited to individual national conditions," said a report from The Heritage Foundation. "Moreover, China rewards its African friends with diplomatic attention and financial and military assistance, exacerbating existing forced dislocations of populations and abetting massive human rights abuses in troubled countries such as Sudan and Zimbabwe."

China is the largest supplier of arms to Sudan, which received $7 billion of Chinese defense exports between 2003 and 2007, according to the U.S. Department of Defense.

Still, Beijing insists that its relationship with Africa is mutually beneficial. And the accusation that China's aims are purely self-serving is "not fair," Zhong Jianhua, a Chinese ambassador to South Africa told Reuters.

"Fortunately, [African nations] don't just follow that Western media perception of Chinese investment," he said.

And that perception means even less in Beijing, according to many analysts who believe China will continue to pursue advantageous business deals around the world, regardless of political fallout.

"China is not as concerned as they used to be about irritating the U.S.," Michael Shifter, president of the Inter-American Dialogue, a Washington-based think tank, told The Journal. "I think they will continue to be very aggressive about investing in places like Venezuela.



And Americans think China is benign . . .
UserPostedImage
Dulak
15 years ago
reminds me of the games the russians used to play (and still do) but china isnt being so discreet about it.

I think the point is - the US has a issue with X; so it seems communists do their best to help X or do something so we have a problem with dealing with X so we struggle.
Wade
  • Wade
  • Veteran Member
15 years ago



And Americans think China is benign . . .

"Nonstopdrivel" wrote:



Politicians are never benign. The only question is whether they can be prevented from metastisizing.
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
Fan Shout
Zero2Cool (4m) : I really thought he'd play for Packers.
buckeyepackfan (11m) : Packers releasing Jaire Alexander.
Mucky Tundra (17h) : (Context: he wants his defense to create turnovers)
Mucky Tundra (17h) : Giants DC Shane Bowen tells players to “be a damn pirate."
dfosterf (6-Jun) : Semper fi !
Cheesey (6-Jun) : This is why I have so much respect for those that have gone through battles
Cheesey (6-Jun) : I can't even imagine what that would have been like
wpr (6-Jun) : "Come on, you sons of bitches. Do you want to live forever?"
wpr (6-Jun) : Facing a line of machine guns 2 time medal of Honor recipient, First Sergeant Dan Daly told his men,
wpr (6-Jun) : Another detachment went into the Belleau Wood.
wpr (6-Jun) : On the 6th the Marines took Hill 142 but suffered terrible losses.
wpr (6-Jun) : It’s time to remember dfoster’s Marine brothers in Belleau Wood. The battle went on from June 1-26. Nearly 10,000 casualties.
packerfanoutwest (6-Jun) : Nick Collins and Morgan Burnett have signed with the PACK
packerfanoutwest (6-Jun) : he won't be wearing #12, maybe he will wear number two
packerfanoutwest (6-Jun) : He will fail this season, should have retired
Mucky Tundra (5-Jun) : Thus the cycle of Hall of Fame Packer QBs going to the Jets and then the Vikings is broken
bboystyle (5-Jun) : Rodgers to steelers on 1 year contract
Zero2Cool (5-Jun) : It's the cycle of civilizations. Get lazier, lazier, softer, softer and vanish.
Martha Careful (5-Jun) : great point. every aspect of society, including art, culture and sports has degraded.
dfosterf (4-Jun) : Green Bay sweep meant something to society about stopping pure excellence. We have the tush push now
dfosterf (4-Jun) : We old Martha.
Martha Careful (4-Jun) : *front four
Martha Careful (4-Jun) : Re frout four, I wish we had some Green "People Eaters" or a fearsome foursome
dfosterf (4-Jun) : *directions*
dfosterf (4-Jun) : Just don't ask him for driving direct
dfosterf (4-Jun) : Jim Marshall was an all-time great DE for the Purple People Eaters. Didn't like him. That's a compliment. RIP
Zero2Cool (3-Jun) : ooppppss
Zero2Cool (3-Jun) : “Kenny Clark played all of last season hurt by the way and got surgery to fix it in January”
Mucky Tundra (3-Jun) : @ByRyanWood How much did the injury affect him last fall? “A lot.”
Mucky Tundra (3-Jun) : @ByRyanWood Kenny Clark said he had foot surgery in January. Injured his foot in opener against Eagles and played through it all year.
Zero2Cool (3-Jun) : Golden is wearing guardian cap again. I bet he plays with it on too.
Mucky Tundra (3-Jun) : All the stuff I'm reading from Lions fans are pointing at his toe; he more or less has permanent turf toe in one of his big toes
dfosterf (3-Jun) : Kenny played through it, and a shame he gets little credit for that, imo
dfosterf (3-Jun) : Big men. I hope it's not the undoing of Kenny Clark
dfosterf (3-Jun) : Probably his toe. Pretty much a great center. Toe injuries are brutal to bigen
Mucky Tundra (2-Jun) : Lions All-Pro C Frank Ragnow retires
wpr (30-May) : It's all good.
beast (30-May) : Yeah, and I enjoyed your comments and just attempted to add to it. Sorry if I did it incorrectly.
wpr (30-May) : Beast I never said Henderson was the salt of the earth. Nor even that he was correct. Just quoting the guy.
Zero2Cool (29-May) : What did you do??
Zero2Cool (29-May) : Whoa
beast (29-May) : OMG the website is now all white, even some white on white text
beast (29-May) : Henderson, who admits to taking cocaine during the Super Bowl against the Steelers, might dislike Bradshaw as he lost two Superbowls to him
wpr (28-May) : Hollywood Henderson said Bradshaw “is so dumb, he couldn't spell 'cat' if you spotted him the C and an A.”
Mucky Tundra (28-May) : Cooper stock=BUY BUY BUY
Mucky Tundra (28-May) : Also notes he’s playing with more confidence.
Mucky Tundra (28-May) : @AndyHermanNFL MLF says there was a time last year where Cooper was at 220 pounds. Now he’s at 240 and still flying around.
Mucky Tundra (28-May) : And don't even get me started on Frank Caliendos "impersonations"
Mucky Tundra (28-May) : I got tired of them being circle jerks with them overlaughing at each others jokes.
Zero2Cool (28-May) : It used to be must watch TV for me. now it's "meh" maybe to hear injury update
Please sign in to use Fan Shout
2025 Packers Schedule
Sunday, Sep 7 @ 3:25 PM
LIONS
Thursday, Sep 11 @ 7:15 PM
COMMANDERS
Sunday, Sep 21 @ 12:00 PM
Browns
Sunday, Sep 28 @ 7:20 PM
Cowboys
Sunday, Oct 12 @ 3:25 PM
BENGALS
Sunday, Oct 19 @ 3:25 PM
Cardinals
Sunday, Oct 26 @ 7:20 PM
Steelers
Sunday, Nov 2 @ 12:00 PM
PANTHERS
Monday, Nov 10 @ 7:15 PM
EAGLES
Sunday, Nov 16 @ 12:00 PM
Giants
Sunday, Nov 23 @ 12:00 PM
VIKINGS
Thursday, Nov 27 @ 12:00 PM
Lions
Sunday, Dec 7 @ 12:00 PM
BEARS
Sunday, Dec 14 @ 3:25 PM
Broncos
Friday, Dec 19 @ 11:00 PM
Bears
Friday, Dec 26 @ 11:00 PM
RAVENS
Saturday, Jan 3 @ 11:00 PM
Vikings
Recent Topics
5m / Green Bay Packers Talk / Zero2Cool

46m / Green Bay Packers Talk / Zero2Cool

7-Jun / Green Bay Packers Talk / Mucky Tundra

6-Jun / Green Bay Packers Talk / beast

5-Jun / Green Bay Packers Talk / beast

5-Jun / Green Bay Packers Talk / beast

1-Jun / Green Bay Packers Talk / wpr

29-May / Green Bay Packers Talk / Martha Careful

27-May / Green Bay Packers Talk / Zero2Cool

27-May / Random Babble / Martha Careful

24-May / Green Bay Packers Talk / beast

23-May / Green Bay Packers Talk / greengold

23-May / Green Bay Packers Talk / earthquake

22-May / Green Bay Packers Talk / beast

22-May / Green Bay Packers Talk / bboystyle

Headlines
Copyright © 2006 - 2025 PackersHome.com™. All Rights Reserved.