Chinese company to operate in Iran’s Arvand FTZ
Iran's Arvand Free Trade Zone (FTZ) and Chinese Hang Seng Oil Pipeline Manufacturing Company have signed a memorandum of understanding (MoU), Arvand FTZ Managing- Director Mehdi Nikpey said on July 9, FARS news agency reported.
The document was undersigned in line with the expansion of economic and trade activities, Nikpey said.
He said the document aimed to boost mutual cooperation in the field of production of specialized oil pipelines in Arvand Free Trade Zone.
"The investment will be made in three phases for the establishment of the industrial site of Arvand FTZ in an area of about 15 hectares," Nikpey added.
Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption. The trade turnover between Iran and China in the past year was estimated at $45bln.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!