China, Iran deal eyes a future decoupled from US
In recent weeks, Iran and China have been hammering out the details of a potentially momentous cooperation deal meant to span the next quarter-century and chart a future decoupled from the United States. Under the terms of a draft viewed by Asia Times, China will invest tens of billions of US dollars in Iran as part of Beijing’s ambitious Road and Belt Initiative. The 25-year agreement includes economic, security, and military dimensions. Such a deal is particularly important for Iran’s ailing energy sector, which is in dire need of substantial investment to refurbish an aging oil industry, which requires upwards of $150 billion for much-needed modernization of wells, refineries and other infrastructure.