British Prime Minister Tony Blair has gone on record stating that the fear of soaring energy prices should not deter the international community from imposing comprehensive sanctions on Iran over its nuclear program.
That is easier said than done, especially when looking at the dire economic and non-economic consequences of the current Iranian crisis for China, Iran’s energy partner.
In fact, the China-Iran connection transcends energy and covers a whole spectrum of economic activities – dam-building, steel mills, ship-building, transport and dozens of other projects. At present, more than 100 Chinese firms are involved in Iran, also cooperating to develop ports, jetties, airports in six cities, mine-development projects and, of course, oil and gas. Trade between the two countries in 2005 hit a new record of US$9.5 billion, compared with $7.5 billion in 2004.
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