Beijing has signed US$10 billion (Dh36.73bn) of contracts for oil refining, petrochemicals and pipeline projects in Iran and has expressed interest in helping to build seven refineries, the Iranian deputy oil minister says.
The developments would help Iran to refurbish and expand its dilapidated refining sector, enabling it to become self-sufficient in petroleum products such as petrol and diesel.
That has been one of Tehran's long-standing goals as it grapples with sanctions over its nuclear programme. Earlier this year, the government announced plans to privatise Iran's refineries but most potential investors have been reluctant to step forward.
In time, Chinese refinery investments would blunt the effects of new US and EU sanctions aimed at squeezing Iran's fuel supplies.
But for now, Beijing appears to be co-operating with some of the economic measures that western powers are seeking to use to force Tehran to negotiate over uranium enrichment.
Tehran's oil exports to China of 66.12 million barrels, or 181,000 barrels per day (bpd), in the first half of this year were 30 per cent lower than in the same period last year, said Hossein Nogrehkar-Shirazi, the deputy minister. His data confirmed analysts' estimates.
"Although Iran is still among [the] top 10 oil exporters to China, it is the only country which in the first six months of 2010 has seen its exports to China falling," Mr Nogrehkar-Shirazi added.
Last year, Iran was the third-largest crude oil supplier to China, exporting about 460,000 bpd to the world's most populous country. For the first time, China overtook Japan as the top buyer of Iranian crude.
Those purchases are now falling even as China becomes more dependent on imported oil to meet its surging demand for transport fuel and fill new storage tanks.
Customs data show Beijing's June imports of crude increased 34 per cent to a record 5.44 million bpd from a year earlier.
But Beijing may be shunning Iran's sticky, sulphurous oil simply because the market is well supplied with other attractively priced crudes that need less refining, rather than for political reasons.
In April, traders cited uncompetitive prices as the reason China cut imports of Iranian fuel oil, one of the few refined petroleum products Iran exports in any quantity. China has been the most reluctant of the world powers to implement sanctions against Iran.
On Friday, the Chinese foreign ministry said it opposed sanctions the EU announced last week. It urged dialogue and diplomacy to resolve the Iranian nuclear controversy.
"China disapproves of the unilateral sanctions put in place by the EU against Iran," said Jiang Yu, a ministry spokeswoman.
The previous day, US officials said they would travel to China, Japan, South Korea and the UAE to demand compliance with new UN Security Council measures against Iran, which western governments suspect of seeking to develop nuclear weapons. Iran denies such allegations.
Last year, China became Iran's most important trade partner, with $21.2bn of bilateral trade, up 47 per cent from 2006.
Western sanctions against Iran have helped drive the trend. Chinese direct investment in Iran's upstream oil and gas sector has reached $29bn, Mr Nogrehkar-Shirazi said on Saturday.
But analysts say China's involvement in Iranian oil and gas development projects has so far done little to boost output capacity.
Nor has it helped Iran acquire coveted technology for gas liquefaction, which would enable the country to develop exports from South Pars, its side of the world's biggest gasfield.
Qatar's exploitation of the same deposit, which it calls North Field, has fuelled the emirate's emergence as the leading global exporter of liquefied natural gas.
@Email:tcarlisle@thenational.ae
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E299hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E420Nm%20at%202%2C750rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E12.4L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh157%2C395%20(XLS)%3B%20Dh199%2C395%20(Limited)%3C%2Fp%3E%0A
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”