Iran’s new ‘chapter’ with China

Iran’s new ‘chapter’ with China

Chinese President Xi Jinping has visited Iran, after the sanctions were lifted on Tehran.

He is poised to sign letters of intent with the Islamic Republic for a new chapter in strategic economic cooperation, Press TV reports.

Xi was officialy welcomed by Iranian President Hassan Rouhani on Saturday.

China, a top oil consumer, has been a top buyer of Iran’s crude. Even after international sanctions targeted Tehran’s energy sector, China continued its cooperation with Iran by purchasing oil and developing energy projects.

“Iran and China, whose friendship dates back to 2,000 years ago, have made important contribution to human progress,”said China’s president.

Iran and China signed 17 documents for cooperation in economic, industrial, cultural and judicial fields in the presence of the two countries’ presidents.

The documents included one signed between Iranian and Chinese nuclear chiefs for peaceful energy cooperation.

Others involved documents for environmental cooperation, financing of a bullet train railway and banking cooperation.

The value of trade transactions between Tehran and Beijing stood at some $52 billion in 2014. However, the figure dropped in 2015 due to decreasing oil prices.

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