Yet another reason why 'sanctions' against Iran will never work
On Wednesday, the China National Petroleum Corporation (CNPC), a Chinese state company, signed a $4.7 billion contract to help Iran develop a major gas field in the Persian Gulf. CNPC is replacing France's Total Oil, which had started to get queasy about the project, and which had been accused by National Iranian Oil Company (NIOC), Iran's state oil company, of causing delays in the project.
With Western firms wary of investing in the Islamic state due to its nuclear row with the United States, Tehran has increasingly been looking towards energy-hungry Asian countries for investment to help exploit its vast gas and oil reserves.
Despite the global economic slowdown, China is keen to ensure energy does not constrain future growth and force up the prices it pays.
Israel Matzav: Yet another reason why 'sanctions' against Iran will never work
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