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LinkAsia | Jan 27
Over 85 percent of South Korea's crude oil imports come through the straight of Hormuz. Its closure would mean the price per barrel would double, d...
And another country, China, is looking to find another place to get its oil. Chinese Premier Wen Jiabao is on an official state visit to the Middle East this week. American diplomats hope that Saudi Arabia and other Persian Gulf nations will help assure China, Iran's biggest customer, they'll make up any shortfall. Here's China's state broadcaster CCTV with more on the story.
Upon arrival in Abu Dhabi, Premier Wen Jiabao said ties have been developing smoothly between the two countries and said China is willing to work with the UAE. Wen Jiabao is confident his visit will bring relations closer. The UAE is the second leg of his Middle Eastern tour. His first stop was Saudi Arabia, China's biggest partner in West Asia and the world's largest crude oil exporter. In Riyadh, Wen Jiabao said China is willing to develop trade, investment, infrastructure and financial ties with Saudi Arabia. Energy was also high on the agenda. On Saturday, the state-run Saudi oil giant Aramco and Chinese companies finalized an agreement signed last year to develop a 400,000 barrel per day refinery on the kingdom's Red Sea coast. It is expected to be in use by 2015 and will create 6,000 jobs. Saudi King Abdullah bin Abdul-Aziz praised China's friendly policy toward his country. The monarch also proposed the establishment of a high-level commission to supervise cooperation in political, cultural economic and security areas. Regarding the ongoing unrest in the Middle East and northern Africa, Premier Wen Jiabao said China respects the choice of the people in those countries and supports their appeal for reform. He said China believes that the government and people in the region are able to solve their problems on their own, and that China backs the role of regional bodies like the Arab League in maintaining stability.
Actually, China has not bought any Iranian oil for several months. The reason: It says Iran is charging too much.