Iran, China to increase energy cooperation when sanctions removed: Zanganeh

Iran’s Oil Minister Bijan Namdar Zanganeh says Tehran is willing to increase cooperation with China in the oil industry and energy sector once Western sanctions against the Islamic Republic are removed.

“This country [China], as one of the biggest buyers of Iran’s oil, has been greatly cooperating with the Islamic Republic under conditions of sanctions and we are willing for that cooperation to continue when sanctions are removed,” Zanganeh told reporters in Beijing on Thursday.

He added that the new phase of energy cooperation between Iran and China will focus on oil production and development projects to be carried out by Chinese firms in Iran, IRNA reported.

Zanganeh noted that China’s Sinopec and CNPC (China National Petroleum Corporation) are currently working in Iran’s Khuzestan province, expressing hope that the two countries will redefine their cooperation in the new phase to lay new grounds for further collaboration in energy sector.

China is currently the world’s biggest importer of energy and if considered purely from a commercial viewpoint, it would be beneficial to both countries to continue their cooperation in the energy sector.

Heading a high-ranking oil delegation, Zanganeh arrived in China’s capital city of Beijing on Thursday to discuss Iran-China cooperation in the fields of energy and joint investment with Chinese officials.

On Thursday, he met with Fu Chengyu, chairman of China’s Petroleum and Chemical Corp, Sinopec, declaring Iran’s readiness to boost energy cooperation with China and urging Sinopec to fulfill its obligations in Iran.

According to figures quoted by IRNA, Iran was China’s sixth biggest oil supplier last year, with Saudi Arabia and Angola ranking first and second, respectively.

Iran’s oil exports to China increased by 28 percent in 2014 compared to the preceding year, to hit about 550,000 barrels per day.

By Press TV