Iran, China sign 6 industrial, mineral deals

Iran Materials 11 May 2011 14:09 (UTC +04:00)

Iran and China signed six agreements in Beijing on Monday to give a boost bilateral relations in the industry and mining sector-MNA reports.

The agreements were signed by a delegation from Industrial Development & Renovation Organization of Iran (IDRO) and Chinese officials.

IDRO Deputy director, Mohammadreza Roshani-Moqaddam, said on sidelines of the meeting that currently 25 plans between Iran and China are being studied.

He pointed out that the agreements, which are related to various industrial and mining sectors such as car making, steel, geology and renewable energies are worth about 20 billion dollars.

Iran is currently China's third largest supplier of crude oil, providing it with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.

The volume of Iran's trade with China stood at about $30 billion in 2010, up from $400 million in 1994. The two countries have sought to enhance their bilateral trade ties significantly.

In February, Head of Iran-China Joint Chamber of Commerce Asadollah Asgaroladi pointed out that the two countries have drawn plans to increase the value of bilateral trade exchanges to $50 billion by 2015.