Editor in Chief: Moh. Reza Huwaida Thursday, October 18th, 2018

China, Russia Defend Trade Ties with Iran after US Sanctions

China, Russia Defend Trade  Ties with Iran after US Sanctions

TEHRAN - China and Russia have repudiated new US sanctions on Iran, pledging to maintain trade ties with Tehran after President Donald Trump warned countries against doing business with the Islamic Republic.
“China has consistently opposed unilateral sanctions and long-armed jurisdiction,” the Chinese Foreign Ministry said Wednesday, addressing Trump’s decision Monday to reimpose sanctions on Tehran.
“China’s commercial cooperation with Iran is open and transparent, reasonable, fair and lawful, not violating any United Nations Security Council resolutions,” it said, adding “China’s lawful rights should be protected.”
Beijing has close economic and diplomatic ties with Tehran. It is Iran’s biggest oil customer, taking in more than 650,000 barrels per day from the country.
The world’s No. 2 economy is reportedly gearing up to take more and “vacuum up much of the Iranian oil that other nations won’t buy because of the threat of US sanctions.”
Chinese companies are also interested in Iran’s oil and gas projects.
State energy firms CNPC and Sinopec have invested billions of dollars in Iran’s giant Yadavaran and North Azadegan oil fields and eye participating in further developments of the deposits.
CNPC is also about to take over Total’s stake in the giant Iranian South Pars gas project after the French company decided to leave amid US sanctions.
Iran plans to increase the production potential of its oil fields by 400,000 barrels per day (bpd) in the form of 34 projects, estimated to cost more than $6 billion. (Press TV)