Iran swaps would be a hot thing for PKZ. They can save a lot of buggsis on PKZ�s biggest calculation position the "transport costs". As Tracer said, 2004 the swaps should start. The contracts are signed already.
This way might be even the cheapest way for China exports. It might be cheaper to ship from Persian Gulf the oil on sea to East China�s (+Indias!) boom regions, than to ship the oil by the new planed Kaz-Sino pipeline.
But for strategic reasons, I stay firm for the Kaz-Sino pipe.
China is the coming Super Power. They do not like to depend too much on oil shipments by sea. One US aircraft carrier positioned in the "Street of Malakka" would be enough, to cut China�s oil imports by nearly 100 %.
China is not planing from one political vote to the next. They have a larger horizon.
Of course both ways (China pipe + Iran swaps) at the same time would be the Super solution to PKZ`s transport + market strategy !