China’s investment in Iranian oil industry hits

Iranian Deputy Oil Minister Abbas Sheri Moqaddam has said that China has so far invested €20 billion in the country’s oil industry.

Pointing to Chinese oil minister’s recent trip to Iran, Moqaddam said that Chinese banks are investigating a plan to finance Iranian projects at three times the amount of money Iran has in China, Fars news agency reported April 17.

He further explained that so far, the relation of China’s investment in Iranian oil projects to the Iranian money in China has been a 1-1 correspondence.

According to Moqaddam, China will announce the outcome of its negotiations on tripling investment in Iranian oil projects in the near future.

One of the Iranian projects carried out by Chinese companies is Yadavaran oil field and it is said to be 95 percent completed.

Also, the Chinese company CNPC has signed a $2 billion contract to produce 120,000 barrel per day of petroleum from the North Azadegan field.

China is Iran's biggest oil customer. In 2014, Iran’s crude export to China rose by 28 percent compared to 2013 to hit 27.46 million metric tons, about 550 thousand barrels per day.