China knows that Iran doesn’t have many international options left, so it is looking to optimise the deals it can get.
. Reports last week that China is not to move ahead on some of these West Karoun commitments are incorrect: China is genuinely looking to move ahead on these developments in one way or another, but it wants even better terms for itself than the ones agreed in the 25-year deal.
According to a senior source who works closely with Iran’s Petroleum Ministry spoken to exclusively bylast week, it is true that the pace of development of Yadavaran – and other fields - by the Chinese slowed after the U.S. withdrawal from the JCPOA in 2018. It is also the true, though, that neither of the real reasons for this were to do with a desire on China’s part to withdraw from Iran’s oil fields or to roll back on its commitments in the Iran-China 25-year deal.
This effective takeover of West Qurna 1 by PetroChina followed a gradual corollary build-up of its presence by China in this field’s case, in the first instance through the supposedly US$121 million engineering contract-only award made to the China Petroleum Engineering & Construction Corp for West Qurna 1 in the middle of 2021. The same contract-only model was evident in CPECC’s being awarded a US$203.5 million engineering contract in Iraq’s neighbouring supergiant Majnoon oil field.
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