China National Offshore Oil Corporation is considering a nearly $14bn (£7bn, €10.6bn) takeover of Unocal of the US. Sinopec, another Chinese state-controlled oil group, has struck a $70bn deal to buy Iranian crude oil and liquefied natural gas over three decades.China has sent $6bn to Rosneft, the Russian company that bought the main production unit of the embattled Yukos oil group, as advance payment for oil supplies.

India has just reached a $40bn agreement to import LNG from Iran and develop Iranian oilfields, and is promoting pipeline projects to bring oil and gas across neighbouring countries to supply its energy-hungry economy.