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China’s exports to Iran increase

18 August 2014 13:30 (UTC+04:00)
China’s exports to Iran increase

By Sara Rajabova

One of Iran's main energy importers - China's exports to energy-rich country has increased in 2014.

Iran-China Joint Chamber of Commerce Chairman Asadollah Asgaroladi said China has invested $2 billion in Iran so far in 2014.

Based on statistics of the Iranian Customs Administration, Iran's exports to China have increased in spring 2014 compared to the past year, Iran's Mehr news agency reported on August 16.

He rejected as baseless any reports claiming that Iran's imports from China have tripled in spring 2014.

Asgaroladi said the presidents of the two countries have pledged that bilateral trade would increase to $70 billion, adding that the goal would be achieved over the course of three years.

In the 15th economic cooperation commission meeting of Iran and China which was held in Tehran in March, Iran's Economy Minister Ali Tayebnia said the final document for bilateral economic cooperation in different fields of industry, mine, energy, credit, finance, banking, health, transportation, shipping, agriculture, housing and urban planning, trade, communication and technology, labor and social welfare, urban and rural development and technological and technical cooperation will be arranged and executed.

In late June, Reuters reported that China's crude oil imports from Iran rose 50 percent in the first five months of 2014 compared to the same period a year ago.

China's oil shipments from Iran in May were 3.22 million tonnes, or 757,900 barrels per day (bpd), the report said.

China, which is Iran's largest oil client, has been increasing oil purchases from the Islamic country in light of implementation of the 2013 interim deal between Iran and the five permanent members of the UN Security Council - the United States, Russia, China, France and Britain - plus Germany.

Under the Geneva deal signed last November, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities.

Asian buyers were expected to import about 1.25 million-1.3 million bpd of Iranian oil in the six months through June, according to industry and government sources.

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