China has agreed to invest USD 22 billion in different projects in Iran to replace to the oil export revenue.
According to the report, in the first nine months of this year, China imported 16.01 million tons -- of oil from Iran, equaling 428,160 barrels a day. Although the United States and other Western countries impose sanctions against Iran, Iran and China still have extensive economic cooperative relations.
At present, Iran is China's third largest crude oil supplier, accounting for 12% of China's annual total consumption. The two countries' bilateral trade volume has exceeded USD 40 billion. China is Iran's biggest importer of crude oil.
Source:
http://www.sinocast.com/readbeatarticle.do?id=101344
