Wednesday, July 29, 2009

Sanctions against Iran will never work

FARS News Agency

Iran, China Sign Agreement on Drilling Rigs

TEHRAN (FNA)- A Chinese consortium inked a multi-billion dollars deal with Tehran to supply offshore and onshore engineering products, including drilling rigs and platforms, for Iran. Shanghai Zhenhua Heavy Industry (ZPMC), the world's largest manufacturer of heavy-duty equipment, and Spanish marine oil and gas explorer ADHK have inked a deal worth $2.2 billion with Iranian Offshore Engineering and Construction Company on the supply of offshore facilities and engineering products.

The transaction concluded on Monday in Shanghai includes building of 10 offshore jack-up drilling platforms, seven land drilling rigs, and two float cranes.

The products should be delivered to the Iranian company by July 2010.

This would be the first large-scale contract of the Chinese company after it entered upstream sector.

Last month Iran signed a $4.7bln contract with China National Petroleum Corporation (CNPC) for development of the upstream sector of phase 11 in the offshore South Pars gas field due to repeated delays by France's Total.

The South Pars gas field has reserves of about 14 trillion cubic meters of gas - or about eight percent of the world's reserves

Comment: This is but one of a dozen headlines today demonstrating the business that Iran is able to do outside its borders. time and again this blog has indicated that as long as Iran has countries willing to engage in business and provide products and services there is no motivation to change its course regarding nuclear bomb development. The US government knows this and is lying to the public-something else is afoot!

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