China Agrees to Invest $3.6bln in Development of Iran`s Oil Refinery

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Tehran and Beijing signed a contract worth $3.6 billion for the latter`s investment in Masjed Soleiman oil refinery in Southern Iran.
The agreement was signed between Managing Director of Masjed Soleiman Petrochemical Complex Yousef Davoudi and representative of Wuhan Company.
Iran has signed three MoUs Austrian. Dutch and Chinese companies at the presence of
Iranian Labor Minister Ali Rabiyee to develop Iran`s industries.
In relevant remarks in late January. a senior Iranian energy official announced that Tehran and Beijing were resolved to cooperate in investment on the construction of joint refineries.
Iran and China will soon sign their largest deal in petroleum refinery industry worth three billion dollars. Iranian Deputy Oil Minister Abbas Kazzemi said. addressing the opening ceremony of Iran`s Petroleum Industry Museum.
He said that the two countries will kick off their huge joint project by the end of current Iranian year (ends March 20. 2017).