China to invest $280bn in Iranian oil industry

TEHRAN, Sep. 07 (MNA) – China is planning to invest $280 billion in Iran’s oil and gas industry, according to Petroleum Economist magazine.

The energy affairs magazine quoted a senior source who was linked to the Iranian Oil Ministry, as stating that this enormous investment represents a key point in a new agreement, worth $400, inked between the two countries. This was confirmed during Iranian Foreign Minister Mohammad Javad Zarif’s visit to China in late August, to present a roadmap for the strategic comprehensive partnership agreement, which concluded in 2016.

China’s investment in Iranian oil and gas industry has been put at the focal attention amid trade war between China and US and tight competition of these two countries concurrent with the US sanctions imposed on Iran.

Accordingly, this investment will be made as a solution for bypassing and circumventing US sanctions by Chinese companies.

MA/PR

News Code 149798

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