China Targets 50% of Iran’s Oil Exports

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.

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.

(Source: Tasnim, under Creative Commons licence)

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