A blow to Washington… China to invest $280 billion in Iranian sectors targeted by sanctions
September 7, 2019 – Middle East Monitor
▻https://www.middleeastmonitor.com/20190907-a-blow-to-washington-china-to-invest-280-billion-in-iran
China is planning to invest $280 billion in Iran’s oil, gas, and petrochemical sectors that are being affected by US sanctions, according to Petroleum Economist magazine.
The energy affairs magazine quoted a senior source who was linked to the Iranian Oil Ministry, as stating that this enormous investment represents a key point in a new agreement between the two countries. This was confirmed during Iranian foreign minister Mohammad Javad Zarif’s visit to China in late August, to present a roadmap for the strategic comprehensive partnership agreement, which concluded in 2016.
According to the magazine, Beijing also pledged to invest $120 billion in Iran’s oil sector and industrial infrastructure.
This vast amount will be disbursed during the first five years of the agreement’s entry into implementation, with possible additional investments in subsequent similar periods, if both parties agree.
In return, Iran will grant Chinese companies the priority right to participate in tenders for any new, frozen or incomplete projects to develop oil and gas fields, as well as all petrochemical projects, including the provision of technology and staff to implement these projects.
This comprises the deployment of up to 5,000 Chinese security officers in Iranian territories to secure Chinese projects, as well as the involvement of other staff and resources in securing oil, gas or petrochemical exports from Iran to China, including those across the Gulf, the source explained. (...)
