China to invest $20 billion in Iran’s water, power sector
Chinese investors are negotiating with Iran to finance about $20 billion in the country's electricity and water sector projects.
Iranian Deputy Minister of Energy for International Affairs, Esmail Mahsouli said Iran and China have signed 15 contracts, worth $3 billion so far, Iran's Mehr news agency reported on May 2.
The two sides continue negotiations to finalize the remaining contracts, Mahsouli added.
So far five power plant projects, eight hydroelectric dams plan and eight projects on water transmission and drainage have been defined with the Chinese side, the official said.
Iran's $22 billion worth of assets has been frozen in China. The country is not able to transfer its exported oil money into the country due to international sanctions.
Recently, Iran-China trade has grown steadily commensurate with China's growing reliance on foreign energy and Western companies leaving the Iranian market.
Iran exported $7.432 billion worth of non-oil exports including condensate to China during the last Iranian calendar year (ended on March 20), while importing $9.664 billion worth of goods from China.
The figures indicate increase by 34.8 percent and 18.11 percent compared to the preceding year respectively.
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