August 26, 2008

Asian Energy Security Grid Deals Move Forward

Announcements of oil and gas development deals between Chinese oil majors and Iraq and Iran may be spooking markets as much as fear of tropical storm Gustav in the Gulf of Mexico.

PM Maliki's government in Baghdad will revive Sadaam Hussein's 1997 deal with China to develop a small but important oil field in southern Iraq. Meanwhile, Iran's national oil and gas companies are in new discussions over production-sharing arrangements with China National Offshore Oil Corporation. Are these actions the rarely mentioned "Asian Energy Security Grid" in action?

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