Iran Oil Minister Heads To China Seeking New Investment-Report

Iran Oil Minister Heads To China Seeking New Investment-Report
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Τρι, 3 Αυγούστου 2010 - 18:08
Iranian Oil Minister Massoud Mirkazemi heads to China Wednesday seeking new investments in the country's energy sector, including funding for new refineries, a report said Tuesday.
Iranian Oil Minister Massoud Mirkazemi heads to China Wednesday seeking new investments in the country's energy sector, including funding for new refineries, a report said Tuesday.

The oil ministry's news agency Shana reported that
Beijing has expressed its desire to invest in the refining sector, an area where Iran is still not self-reliant.

In its drive to tighten sanctions against
Iran , the U.S. has targeted its energy and downstream oil sector in particular, given that Tehran is the Organization of Petroleum Exporting Countries' second largest crude exporter but still imports around 40% of its gasoline requirements.

In recent years
Beijing has emerged as Iran 's main economic partner, filling the gaps in the country's energy sector left by Western firms forced out by international sanctions.

China is already investing $40 billion in Iran 's oil and gas industry, deputy oil minister Hossein Noqrehkar Shirazi said Saturday.

China backed the fourth set of United Nations sanctions against Iran over its nuclear ambition, but Beijing has consistently urged the world powers to resolve the crisis diplomatically.

Friday, it opposed the latest unilateral sanctions on
Iran imposed by the European Union, which are also designed to strike at the vital energy sector, as well as its banking and transport segments.

A senior
U.S. lawmaker meanwhile called for imposing sanctions on China and Russia too for investing in Iran 's energy sector.

"It's time to implement our sanctions laws and demonstrate to
Russia and China that there are consequences for abetting Tehran and flouting U.S. sanctions," Representative Ileana Ros-Lehtinen said in a statement.

Ros-Lehtinen, the top Republican on the House Foreign Affairs Committee, said firms run by the Russian and Chinese governments had invested "huge sums" in
Iran 's energy sector, "effectively bankrolling" Tehran 's alleged nuclear weapons program and its backing of Islamist groups.

"
Russia and China appear determined to continue to facilitate Iran 's dangerous policies. This must not be allowed to continue without serious repercussions," she said.

Her comments came as a top U.S. State Department official, Robert Einhorn, was on a trip to
Asia set to include a stop in Beijing to press China to fully enforce sanctions on Iran .

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