News ID: 119243
Published: 0115 GMT June 01, 2015

Iran, China agree on new oil payments

Iran, China agree on new oil payments

Iran and China have agreed on a new arrangement for crude oil payments under which Beijing will reimburse part of the money owed to Tehran in cash, a leading Iranian trader said on Monday.

China is the biggest buyer of Iran’s crude oil, purchasing more than 440,000 barrels each day, but Tehran imports goods instead of hard currency for its oil sales, Press TV reported.

Asadollah Asgarowladi, chairman of Iran-China Chamber of Commerce, said the two countries have now agreed on making the payments partly in cash or transferring the money to a third country for imports.     

“We wanted to transfer part of the money from our exports to other countries such as South Korea and Japan for imports or receive it in cash. Hence, consultations were made and an agreement was reached in this regard.

“Under the new agreement with Chinese authorities, it was decided that after a commission rebate, the balance of the money from oil and gas exports is returned to Iran,” Asgarowladi said.

Iran can sell around 1 million barrels per day of oil under a preliminary nuclear agreement but the country has to use a maze of routes to receive its money.

Asgarowladi however said there is no problem for repatriation of the oil money from China.

Resource: Press TV
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