Monday, 29 March 2021 11:49

China and Iran relationship reaches new partnership level

Iranian Foreign Minister Mohammad Javad Zarif and his Chinese counterpart Yi signed an agreement on political, strategic and economic cooperation in Tehran on Saturday, March 27. The validity term of the agreement is 25 years.

Commenting the signing of the agreement, the Ministry of Foreign Affairs of Iran noted that ‘it can effectively promote the deepening of the Iran-China relations’.  From its side, China considers the agreement signed with Iran as a part of the One Belt, One Road strategy which shall ensure implementation of the New Silk Road mega project.

The reaction of the US President was smooth. According to the Fars news agency, responding to the signing of the 25-year agreement between Iran and China, Joe Biden said on Sunday evening (March 28) local time: “I have long been worrying about the Iran-China partnership”.  The US media called the signing of the agreement an attempt by Tehran and Beijing to circumvent the US sanctions policy, and a response to Washington's confrontational policy towards Iran and China.

To date, China is the most important trading partner of the Islamic Republic. Until 2018, when the United States imposed sanctions against this state, China had been the largest buyer of Iranian oil in the world.

 

According to official estimates, oil exports from Iran now amount to about 300-400 thousand barrels per day, most of the supplies go to China, as well as to Syria. However, the other day, Kpler said that Chinese imports of Iranian oil this month will reach at least 856 thousand barrels per day — the highest level since April 2019.

 

An Iranian official gives Energy Intelligence a much more conservative assessment: the real volume of exports will be only less than a third of the government's plans to increase the volume of supplies to 1.5 million barrels per day for 2021-22. This roughly makes the total amount of oil revenues of 32 trillion riyals, which, according to available information, Iran received in January and February. Making payments remains a major challenge for buyers of Iranian oil in China, as major Chinese oil companies remain very cautious about violating US sanctions.

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