According to Iran's Deputy Oil Minister, Hossein Noqrehkar Shirazi, China has invested around $40 billion in Iran's oil and gas sector, and signed an estimated $10billion worth of contracts in petrochemicals, refineries, oil and gas pipeline projects.
"The volume of Chinese investment in upstream projects is US$29 billion," said Shirazi. The minister also said that Iran's oil exports to China fell by 30 per cent to less than 9.02 million tonnes in the first six months of 2010, compared with the same period last year.
China became Iran's biggest trading partner, in 2009, with joint trade value reaching $21.2 billion. The trade between the two countries has been further fortified by the UN sanctions, which have seen a number of European oil producers ceased all oil trade with the Islamic Republic.
Source: China Knowledge
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