USD 63.8487

0

EUR 70.5975

0

BRENT 64.58

-0.05

AI-92 42.31

-0.01

AI-95 45.95

-0.04

AI-98 51.59

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Diesel 45.97

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20

Japan Oil Consortium Fears Governmental Policy To Bungle

Inpex worries, that China could get the drilling data and occupy the second phase

A Japanese consortium led by the Japanese company Inpex has agreed to invest $1 billion in the first six-year phase of developing the Azadegan oil field in Iran. But the second phase is still vacant.

The consortium members fear the government could bow to U.S. pressure, giving China an advantage in developing Iranian oil.

Inpex worries, that China could get the drilling data and occupy the second phase without doing any of the initial grunt work.

Trade between Iran and China has been growing. Political ties could also become closer, with China supporting Iran on the United Nations Security Council as other countries try to pressure Tehran to abandon its uranium enrichment program.