Word out on the street is that China is trading weapons for oil. This is a lot of weapons whether in whole or part. This could account for some of Iran’s aggressive statements as their confidence tells of major backing.
Today, nearly 60 percent of China's oil imports come from that region. Through bilateral agreements, rather than international mechanisms, and using arms sales and dual-use technology transfers - nuclear equipment, guidance systems for missiles - to cement ties, China has obtained oil exploration and exploitation rights in some of the most turbulent nations in the Middle East and North Africa - Iran, Sudan, Libya, Algeria and, until the recent war, Iraq. #msg-3830816
LONDON, August 22 (IranMania) - During the past year, the trade volume between Iran and China reached to $5.7 bln, $3.8 bln of which was China’s export to Iran, Iran’s ambassador to China Fereidun Verdinezhad told MNA reporter on Saturday.
According to the MNA report, Verdinezhad said that China imports 240,000 to 270,000 barrels per day (bpd) of crude oil from Iran while, it is the largest importer of Iranian petrochemicals as well.
Iran’s main export to China is construction stones, the ambassador said, adding that tar, steel, and dried nuts are among other exporting items.
Balance of trade between Iran and China is in Iran’s favor, but regardless of export of crude oil, the trade balance slightly turns to China’s favor, Verdinezhad noted.
He put the direct export of China to Iran in the past year at $1.8 bln.
Verdinezhad predicted that by the end of the current year, the two country’s trade volume would hit $6 bln.
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