Post by account_disabled on Mar 9, 2024 4:49:44 GMT -6
On March 27, Iran and China signed a comprehensive 25-year trade and security cooperation agreement, which will result in a sharp increase in the flow of oil from Tehran to Beijing.
Iran's Tasnim news agency reported that in exchange for greater access to Iranian oil, China promised assistance and investment, primarily in the energy sector, including fossil fuels, renewable and nuclear energy.
The agreement, called the Comprehensive Strategic Partnership, covers a variety of economic activities ranging from oil and mining to the promotion of industrial activity in Iran, as well as collaborations in transportation and agriculture.
At the same time, it also Ecuador Mobile Number List includes cooperation in banking, finance and insurance, with China to date being Iran's main trading partner, with bilateral trade for a total of 20 billion dollars per year.
However, that is down from nearly $52 billion in 2014, due to a drop in oil prices and sanctions imposed by the United States in 2018 after Trump withdrew from Iran's nuclear deal with world powers.
As signed by both parties, Beijing agrees to invest $400 billion in Iran in exchange for oil, while strengthening military ties, which could undermine US influence in the Middle East.
China has maintained some level of oil imports from Iran in recent years, despite severe US sanctions that penalize buyers of Iranian oil and blacklist them within the international financial system.
In fact, Iran has looked for very creative ways to bypass sanctions. For example, many of the country's state-owned oil tankers have turned off their satellite tracking systems to conceal their shipments and are also using offshore ship-to-ship transfers to sell their oil in ports in the Persian Gulf and parts of Southeast Asia around Malaysia. and Indonesia.
Recently, President Biden has offered to resume negotiations with Iran over the 2015 nuclear deal and seeks to have both countries take synchronized steps to ensure that Iran complies with the terms of the agreement, while the United States gradually lifts sanctions.
This Iran has refused and China has backed it, demanding that the United States act first to revive the agreement it broke and lift the unilateral sanctions that have stifled the Iranian economy.
China was one of five world powers that, along with the United States, signed the 2015 nuclear deal with Iran.