AP

: SHANGHAI, Feb. 17 — China is hastening to complete a deal worth as much as $100 billion that would allow a Chinese state-owned energy firm to take a leading role in developing a vast oil field in Iran, complicating the Bush administration’s efforts to isolate the Middle Eastern nation and roll back its nuclear development plans, according to published reports.

The completion of the agreement would advance China’s global quest for new stocks of energy. It could also undermine U.S. and European initiatives to halt Tehran’s nuclear plans, possibly generating friction in Beijing’s relations with outside powers.

Truthdig says: What is this? A spec script for “Syriana 2”? Can someone please call Stephen Gaghan to figure this one out for us? Or maybe this is a case for Truthdig’s Orville Schell, who knows a thing or two about China?

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#china#development#energy#iran#nuclear#oil and gas industry