Petroleum resources are now the black energy of all countries and the goal of countries competing for the market. Nowadays, they are actively preparing.
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As a long-standing partner of China, Russia has surpassed Saudi Arabia twice and has become China's largest supplier of crude oil. In the context of global oversupply, as the shale boom has caused the United States to gradually reduce its dependence on overseas energy, China, the world's second-largest consumer of crude oil, has become a major market for exporters. According to the International Energy Agency, China accounts for 11% of global crude oil demand this year.
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Saudi Arabia accounts for 15% of China's total oil imports, Russia accounts for 12%, and Angola accounts for 12%. In October, Russia exported 3.41 million tons of oil to China, down 16% from September. Angola’s exports of crude oil to China in October increased by 27% to 3.64 million tons.
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Iran’s Arak Machinery Manufacturing Co., Ltd. signed a contract with China’s largest heavy industry company on the same day to build a oil terminal in the Geshm Free Trade Zone in southern Iran. The main purpose of the project is to build the island of Qeshm into Iran's largest production and storage site for petroleum products. After the first phase of the project is completed, the island of Qeshm will be able to store 10 million barrels of crude oil.
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Perhaps this is one of the largest projects in this field in China. This project can accommodate 140-meter-deep tankers and can accommodate at least 30 million barrels of crude oil. The construction of a oil terminal on the island of Qeshm will also bring a ten-year lease agreement to Iran. By leasing the oil depot, it can bring up to $300 million in revenue to Iran each year. Located on the north side of the Strait of Hormuz, the island of Qeshm is the largest island in Iran and even the Persian Gulf. It covers an area of ​​1,491 kilometers and is a must for the Persian Gulf tanker. The report said that the construction of this oil terminal will drive the development of southern Iran and has important strategic significance.
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