Western sanctions benefited China, although bad for Iranian people - Chinese company

Business Materials 8 May 2015 22:58 (UTC +04:00)
Western sanctions benefited China, although bad for Iranian people - Chinese company

Tehran, Iran, May 8

By Mehdi Sepahvand, Temkin Jafarov - Trend:

While both Western countries, including those which have imposed sanctions on Iran, and Iranian people have said that the sanctions have been detrimental to the sides, China is regarded as the side making the greatest gain out of the situation for its economic relations with Iran since the sanctions have been in place.

Trend has learned that Chinese companies also admit the fact that in the absense of Western companies in the Iranian market, they have had the laugh.

"From our point of view, first we dont think sanctions are good regarding the convenience of Iranian people. But for us, because of the sanctions we can enter the market sooner, because there are no European or American competitors," Chao Ben Hwa, director of the Overseas Department of the Chinese oil equipment company Chongqing Pump Industry told Trend May 7 on the sidelines of the Iran Oil Show 2015 in Tehran.

Our company has been cooperating with NIOC (National Iranian Oil Company) on the MIS (Masjed I Soleyman) project where the trade has ammounted to $3 million, he explained.

"Actually we hope we can enter this market becasue our products are high quality. We have sold our products to Brazil, Congo, South Korea, etc., so we hope we can be part of the Iranian market," was Hwa's answer to the question if his company is worried that it might lose its place in the Iranian market once Western companies return to Iran in the post-sanctions era.

Western companies, some of which here attending the oil show, have said that they are waiting for the removal of economic sanctions on Iran so that they would be able to start business with the Islamic Republic.

The sanctions are expected to be removed following a prospective nuclear agreement between Iran and six world powers which is to be reached by June 30.

Mehdi Sepahvand is a Tehran-based Trend Agency journailst. Follow him on Twitter @mehdisepahvand