TEHRAN (Iran News) – Secretary of Iranian Oil, Gas and Petrochemical Products Exporters’ Union (OPEX) Hamid Hosseini says China is to allocate credit line for investment in Iran through Iran’s oil revenues in China.
Speaking to ILNA, Hosseini said that Iran’s oil revenues have increased by $8b in the first half of the year and China is to allocate a credit line for investment in Iran through Iran’s oil revenues in China.
He then pointed to President Seyed Ebrahim Raisi’s visit to China and called it very important from the view of foreign policy because China is one of the major actors of the world politics.
He went on to say talks with China are important because China plays major part in Iran’s economic policy and exports.
Hosseini said that Iran’s oil revenues in the first half of the year were $26b while the figure was $18b in the same period last year. He stated that since major oil exports are China-bound, it is expected the oil revenues to increase next year.
He went on to say that China is very important for Iran both politically and economically and some agreements and contracts with China are not revealed due to the U.S. sanctions.
He stressed that with allocation of the credit line, Chinese companies can choose favorable projects and enter Iran market.
Hosseini said that Iran’s trade with China usually was over $50b in the past years but this year so far the figure has been $24b and it is expected it to hit $30b by the yearend. He noted that China is present in Iran’s infrastructural projects like railways and it has held talks.
Meanwhile Head of the Iran-China Joint Chamber of Commerce said Iran is to open a trade center in China by the end of the current Iranian calendar year (March 20), IRIB reported.
According to Majid-Reza Hariri, the center is going to be launched with the aim of pursuing the implementation of the recent agreements and deals signed between the two countries.
Pointing to the conclusion of numerous business agreements between Iranian and Chinese companies during the recent visit of President Raisi to China, Hariri said: “In order to follow up on contracts and develop business relations, an office will be established in China which will also work to facilitate the presence of Chinese businessmen in Iran.”
China has remained Iran’s largest trading partner for 10 consecutive years as of 2022, according to the Chinese Ministry of Commerce.
“China-Iran trade totaled $15.8 billion in 2022, up seven percent, year on year,” Shu Jueting, a spokesperson for China’s Commerce Ministry, told a press conference on Thursday.
“During President Raisi’s visit to China, the two countries exchanged in-depth views on promoting bilateral economic and trade relations and reached a series of positive results,” Shu said.