Word: deale
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...Sharks' precarious finances were thrown into further turmoil this year when a major sponsor, a fertilizer and fireproof-material conglomerate called Xiyang Group, pulled out of a contract two years early. If Yao's ownership deal does go through, as expected, it's not clear how much input Yao will have in shaping the team. Although he is a product of the state-run sports machine that still dictates much of the Sharks' athletic direction, Yao has, in the past, issued oblique criticisms of the creativity-stunting and motivation-sapping style of Chinese hoops. Even if he takes the helm...
...July 13 Iran's Oil Ministry announced that it had China's agreement to invest about $40 billion in refining Iranian gasoline. The deal would include financing the major new Hormoz refinery in southern Iran, which will be able to produce about 300,000 bbl. of gasoline and kerosene a day once the four-year construction project is completed. China would also overhaul Iran's aging Abadan refinery in the south so that its production could increase by 29%, according to Iranian oil officials, who provided no deadline for that project. (See pictures of the plainclothes terror of the Basij...
...deal has not yet been signed (and China has yet to confirm it), but if Iran pulls it off, it would solve one of the country's biggest headaches. For despite vast oil reserves and exports, Iran still imports about 130,000 bbl. of gasoline a day because its refineries are too few and too old to meet the demand at home. The Chinese deal would literally keep Iran's factories, homes and cars - in effect, a nation of 66 million people - running. (Read about Iran's campaign against foreign plots, real and imagined...
Iran's ties with China, which have steadily grown over the past decade, have accelerated rapidly in the past 18 months. In December 2007, the Chinese oil giant Sinopec Group signed a $70 billion deal to begin drilling in Iran's Yadavaran field, which has estimated reserves of about 17 billion bbl. In January of this year, China's biggest energy producer, CNPC, agreed to develop a medium-size oil field called North Azadegan - a deal worth about $2 billion. And last month, while demonstrators were fighting pitched battles with paramilitaries on Tehran's streets, Iranian oil officials flew...
Major Western oil companies operating in Iran, including Total, Royal Dutch Shell and the Italian company ENI, have held off from signing new deals with Iranian oil officials for several months, perhaps waiting to see if President Obama's moves to open talks with Tehran will succeed in breaking the political impasse. The Chinese deal last month to develop the South Pars gas field came only after Total opted not to sign, fearing political fallout. Such fears have rarely fazed Beijing - and are unlikely...