China Sets Sight on 50% of Iran’s Oil Exports

TEHRAN (Tasnim) – Deputy Administrator of China’s National Energy Administration (NEA) Zhang Yuqing said the country's firms are ready to purchase 50 percent of Iran’s oil exports.

China Sets Sight on 50% of Iran’s Oil Exports

Chinese oil companies can easily outstrip all their European rivals following the removal of anti-Tehran sanctions, Yuqing said on Sunday following a ceremony during which Tehran and Beijing penned a long-term memorandum of understating (MoU) on oil cooperation.

The signing ceremony in Tehran was attended by Iran’s Deputy Oil Minister for Commerce and International Affairs Hossein Zamaninia, Yuqing and number of Iranian and Chinese officials, Shana reported.

Yuqing further said Chinese firms are using the state-of-the-art technology and have managed to keep to the highest level of global standards.

He added that they are now prepared to buy half of Iran’s oil exports following the removal of anti-Tehran sanctions.

International interest in ties with Iran has been growing since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.

The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.

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