China will be doubling its investment in Iranian energy projects to over $52 billion, announced Iran's deputy energy minister Esmail Mahsouli, ahead of a deadline for talks over the country's nuclear program.
“Chinese sides have agreed to the changes proposed by Iran’s Central Bank, thus raising their quota in Iran’s projects to more than $52 billion from its previous $25 billion, which shows more than 100 per cent increase,” said Mahsouli.
"Government projects in the energy sector -- including water, electricity, oil, gas and petrochemical -- and others in the construction and industrial sectors, will receive Chinese financing," he added.
The announcement comes as United States and European Union sanctions on Iran continue, with a November 24 deadline to reach a permanent deal on the country's nuclear program approaching.
With the sanctions in place, Iran has reportedly been turning to China, Russia and Turkey for help financing such projects.
“Chinese sides have agreed to the changes proposed by Iran’s Central Bank, thus raising their quota in Iran’s projects to more than $52 billion from its previous $25 billion, which shows more than 100 per cent increase,” said Mahsouli.
"Government projects in the energy sector -- including water, electricity, oil, gas and petrochemical -- and others in the construction and industrial sectors, will receive Chinese financing," he added.
The announcement comes as United States and European Union sanctions on Iran continue, with a November 24 deadline to reach a permanent deal on the country's nuclear program approaching.
With the sanctions in place, Iran has reportedly been turning to China, Russia and Turkey for help financing such projects.