IMIDRO director, Chinese envoy discuss bilateral ties

Chinese ambassador to Iran and managing director of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) discussed bilateral relations in a meeting on Sunday, AVA Diplomatic reports.

During the meeting, managing director of IMIDRO welcomed expansion of ties with Beijing.

Iran has good investment projects in all fields including the mining, Mehdi Karbasian said.

Chinese ambassador for his part said that his respective country would facilitate investment of banks in Iran’s investment projects including the steel industry.

Iran and China have good potentials for cooperation and Beijing attaches great importance to Iran’s role in the region, Pang Sen noted.

Iran and China are discussing investment in various steel projects in Sepid-Dasht, Neyriz, Qaenat, Sabzevar, Shadgan, Miyaneh and Baft .

Trade between Iran and China in the past year was estimated at $45bln.

Iran is currently China’s third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.

It marks China’s biggest crude import from Iran since it won a renewal of exemption from the United States’ oil embargo against Iran.

The volume of Iran’s steel production has shown a 6 percent increase over the first three quarters of 2014 compared to the same period last year, despite the sanctions imposed on the country’s steel industry.

Iran is reportedly the biggest steel producer in the Middle East and North Africa. The country’s main steel production facilities are located in Isfahan and Khuzestan provinces.