Posted by Dilip Hiro at 10:30am, September 23, 2010.
"...As China’s third biggest supplier of petroleum (after Saudi Arabia and Angola), Iran figures prominently on Beijing’s radar screen. So far, Chinese energy corporations, all state-owned, have invested $40 billion in the Islamic Republic's hydrocarbon sector. They are also poised to participate in the building of seven oil refineries in Iran. When, earlier this year, European Union (EU) companies stopped supplying gasoline to Iran, which imports 40% of its needs, Chinese oil corporations stepped in. That was how in 2009, with a $21.2 billion dollar two-way commerce, China surpassed the EU as Iran’s number one trading partner. It is estimated that China-Iran trade will rise by 50% in 2010...
...Given the growing economic strength of China, Brazil, and India, among other rising powers, U.S. influence will continue to wane. The American power outage is, by any measure, irreversible."
Dilip Hiro, a London-based writer and journalist, is the author of 32 books, the latest being After Empire: The Birth of a Multi-Polar World (Nation Books).
Copyright 2010 Dilip Hiro
Neato.