Tag Archives | China

China to US: Ties with Iran Transparent, Lawful

China’s business ties with Iran are open, transparent and lawful, its foreign ministry said on Wednesday, after US President Donald Trump said companies doing business with Iran would be barred from the United States. China has consistently opposed unilateral sanctions and “long-armed jurisdiction”, the ministry said in a statement faxed to Reuters. The United States […]

Beijing to Continue Trade with Tehran

China’s Commerce Ministry declared on Thursday that Beijing is consistently opposed to the United States’ unilateral sanctions against Iran and intends to continue its trade cooperation with the country under its international commitments. The Chinese ministry spokesperson Gao Feng, during a briefing commented on Iran’s complaint against the United States to the International Court of […]

US Sanctions to assist China to buy more Iran Oil

The US government is expecting Iran’s oil clients to sharply cut imports from the country under the threat of sanctions but senior American officials believe China is likely to buy even more Iranian crude, the Wall Street Journal reported. China is Iran’s top crude oil buyer, which imported around 655,000 barrels a day on average […]

China Eyes Iran Trade in Own Currencies

China’s President Xi Jinping in a meeting with his Iranian counterpart offered plans for trade exchange between the two countries using their own currencies, namely rial and yuan. In a meeting with Iranian President Hassan Rouhani, held on the sidelines of the Shanghai Cooperation Organization summit in the city of Qingdao on Sunday, the Chinese […]

Total to Unwind Iran Operations if no Waiver

On 4 July 2017, Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN resolutions and US, EU and French legislation applicable at the time. SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian […]

Video: Iran seeks ‘Clear Future Design’ for JCPOA

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran’s president has said he will stick to the agreement, if other countries meet their obligations. Meanwhile, his foreign minister has embarked on a diplomatic tour, in an attempt to salvage the deal. […]

NITC to start Marine Ops at Sunken Tanker

The National Iranian Tanker Company (NITC) CEO says the company has planned to start a series of search operations at the site of Sanchi tanker’s sinking. The Sanchi oil tanker collision occurred on 6 January 2018 when the Panamanian-flagged, Iranian-owned tanker Sanchi, with a full natural-gas condensate cargo of 136,000 tonnes (960,000 barrels), sailing from […]

RIPI signs LNG Deal with Fortune

The Research Institute of Petroleum Industry (RIPI) has signed a memorandum of understanding (MoU) for Chinese company Fortune and a domestic investor for the design and construction of a 500,000-ton LNG plant. According to the institute, the document was signed on Tuesday, April 25, 2018, between RIPI’s director of technology and international relations and the […]

Iran, China ink Major Petchem Deal

Iran’s National Petrochemical Company (NPC) and the China Petroleum and Chemical Industry Federation (CPCIF) signed a memorandum of understanding (MoU) for construction of a petrochemical park in Iran by Chinese companies. NPC CEO Reza Norouzzadeh and Chairman of CPCIF Li Shousheng signed the document in Tehran on Monday evening (April 23, 2018), NIPNA reported. Speaking […]

Linglong “gets Cold Feet with Iran Project”

By John Lee. China’s Shandong Linglong Tire Co (Linglong) is reportedly now hesitant about going ahead with a previously announced contract to supply technology to a greenfield tire plant in south-eastern Iran, according to an ERJ source. “They are asking for more time because of pressures by Trump,” the industry insider told ERJ. The contract, […]

Sinomach signs $836m Railway Project with Iran

China National Machinery Industry Corporation (Sinomach) has signed a cooperation agreement with Iran to build a railway expansion project in the country. Costing 5.35 billion yuan ($836.87 million), the railway line connects Tehran, Hamadan and Sanandaj, with a total length of 470 kilometers. According to the agreement, Sinomach Heavy Industry is responsible for the design, […]

Free Trade Zones to Attract $4.5bn in FDI

The secretary of the Supreme Council of Iran’s Free Trade, Industrial and Special Economic Zones said the country has signed new contracts with foreign companies, attracting $4.5 billion worth of investment in free trade zones. “Investors from Turkey, China, Italy, France and South Korea have invested in (Iran’s) free zones…,” Morteza Bank said on Saturday. […]

Iran Awards Tire-Plant contract to Linglong

China’s Shandong Linglong Tire Co. Ltd (Linglong) has signed an agreement as the EPC and non-EPC contractor for the construction of a greenfield tire plant in Iran, according to a senior official there. Speaking to ERJ, Massoud Mohammadi, CEO of Arya Hamoon Tire Co. said Linglong is expected to provide production technology for the project, […]

Total CEO Urges Trump to Honor JCPOA

The head of French oil major Total has urged US President Donald Trump to stick with the 2015 nuclear deal between Tehran and world powers, a report said. Total’s CEO Patrick Pouyanne said he had raised the topic of Iran with Trump at a dinner in Davos in January, and asked the president to keep […]

China Reports Rise in Trade with Iran

Data released by the Chinese Customs Administration indicate that the value of China’s trade exchange with Iran in 2017 has increased by 19 percent compared to the previous year. Figures show that trade turnover between Iran and China has stood at $37.18 billion in 2017, around 19 percent higher than 2016. China’s exports to Iran […]

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Revival of Silk Road to Serve Iran’s National Interests

Head of Iran Chamber of Commerce, Industries and Mines Gholam Hossein Shafei said the revival of the ancient intercontinental Silk Road trade route could serve the Islamic Republic’s national interests. Addressing a meeting of the International Conference of Asian Political Parties (ICAPP) in Tehran on Saturday, Shafei pointed to the initiative of the Silk Road […]

VP: Foreign Financing in Iran Facilitated by JCPOA

The Joint Comprehensive Plan of Action (JCPOA) has eased Iran’s access to foreign financing for major projects in the country, First Vice-President Eshaq Jahangiri said, adding that agreements to receive $12 billion in foreign funds have been finalized. Addressing an economic meeting on foreign fund reserves on Monday, Jahangiri said the JCPOA, the nuclear agreement […]

Chinese Direct Investment in Iran up 20%

By John Lee. The General Manager of the Iranian Investment Organization has said China’s direct investment in Iran has increased by 20 percent. Mohammad Khazaei told the Iran and China Investment and Business Opportunities Forum that Chinese companies have invested $2.3 billion in Iran since 2013. The Deputy Minister of Economic Affairs and Finance added […]

Why Protests won’t Change Iran’s Foreign Policy

By Hamidreza Azizi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. While the recent unrest in Iran has eased, discussion on its various aspects — including its causes and implications — is still heated and ongoing among domestic as well as foreign analysts and observers. One important part of […]

Total’s Gas Deal Going Ahead

Iranian Minister of Petroleum Bijan Zangeneh said the National Iranian Oil Company (NIOC)‘s gas deal with French energy giant Total is being executed on schedule and all the project’s tenders, excluding one for drilling operations, have been held. The official said all the contractors, except for one, who have signed in the tenders are domestic […]