Iran sanctions hurt PHL banana exports
The sanctions, imposed over Tehran's controversial nuclear programme, have made it harder for Iran to purchase imports as it is now more difficult for Tehran to conduct international financial transactions.
"Right now, our banana industry exports the bulk of its output to Japan, China and Iran. Iran is the third-largest (market)," Domingo told reporters.
and it's not just the Philippines: India's Basmati rice exports to Iran are also affected.
and since India gets a lot of their oil from Iran, they might not be as open to strict sanctions.
and China is investing in US oil shale businesses
NEW YORK - China National Offshore Oil Corp (CNOOC) Ltd, China's largest offshore energy producer, agreed to pay $570 million in cash for a one-third stake in Chesapeake Energy Corp's Niobrara shale project, adding to its US holdings in crude oil production.
more here about what this means.
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