Russia and China have been bankrolling Iranian oil and gas projects for a while, but surprisingly, its regional rival Saudi Arabia has now also started investing in Tehran’s hydrocarbon industry
It is apposite to note here that although an MoU was signed last week and the ‘Dasht Azadegan Arvand Company’ was set up with an initial US$7 billion investment made by two Iranian exploration and production companies and eight banks to implement the Azadegan project, China will be the driving force behind it.
In particular, according to the E.U. energy security source, the U.S.’s focus is on what Beijing’s endgame might be in building out the nuclear capabilities of rival key states in the Middle East, given China’s long-running and extensive ‘assistance’ to Iran’s nuclear ambitions. These fears were not helped with news just before Christmas 2021 that U.S. intelligence agencies had found Saudi Arabia was manufacturing its own . Currently, the only Arab nation to have nuclear reactors is the UAE.
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