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Iran to receive Chinese oil payments in cash

Iran previously also has the option of importing Chinese commodities in payment for its oil exports.

Iran has estimated recoverable oil reserves of 140 billion barrels.
Iran has estimated recoverable oil reserves of 140 billion barrels.

Iran will receive cash payments from China for its oil and gas products, according to the chairman of the Iran-China joint chamber of commerce, Asadollah Asgaroladi.

Speaking to the Tasnim News Agency, Asgaroladi said there is no problem for the remittance that Iran should receive from China for oil exports.

Based on a previous agreement, Iran could have imported Chinese commodities in exchange for energy exports to China, he added.

Tehran later demanded that Beijing send part of the money it owes to Iran to South Korea or Japan so that Iran could import goods from those countries or that China pay its debt in cash, Asgaroladi noted.

With a compromise, Chinese officials have agreed to settle their oil and gas debts in cash, albeit after "subtracting some percentage as commission," the official explained.
He also noted that Iran eyes "long-term trade ties" with China, irrespective of a possible final nuclear deal between Tehran and world powers that could entail termination of sanctions.
According to Asgaroladi, the value of Iran-China annual trade stands at $52 billion, 55% of which are Iranian exports –including oil, gas and petrochemical products- and 45% are imported goods and services from China.
 

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