'Iran reliable energy source for China'

Iranian Foreign Minister Ali Akbar Salehi

Source: Press TV
http://www.presstv.ir/detail/181458.html

Iranian Foreign Minister Ali Akbar Salehi says the Islamic Republic is a major and reliable source for China to meet its energy demands.

Speaking in a meeting with employees of the Iranian Embassy in the Chinese capital of Beijing on Monday evening, Salehi said that Iran -- given its rich energy sources -- can be a reliable and trustworthy trade partner for China, IRNA reported.

According to Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini, Iran and China are going to establish a "joint oil and gas committee" to accelerate the execution of energy projects between the two Asian countries.

The aim of forming the committee is to speed up projects execution and to develop the Sino-Iranian ties in the field of energy.

The Iranian minister added that the formation of the Iran-China joint oil and gas committee was stressed in a memorandum of understanding on trade and economic cooperation, which was signed between Tehran and Beijing on April 21.

Iran is currently China's third largest supplier of crude oil, providing it with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.

The volume of Iran's trade with China stood at about USD 30 billion in 2010, up from USD 400 million in 1994. The two countries have sought to enhance their bilateral trade ties significantly.

In February, Head of Iran-China Joint Chamber of Commerce Asadollah Asgaroladi pointed out that the two countries have drawn plans to increase the value of bilateral trade exchanges to USD 50 billion by 2015.

The 14th meeting of Iran-China Joint Economic Commission was held in the Chinese capital of Beijing on April 21.

Iran to open biggest oil refinery in ME

Shazand Oil Refinery (file photo)

Source: Press TV
http://www.presstv.ir/detail/162338.html

The biggest oil refinery in the Middle East will be inaugurated in Iran on the occasion of the 32nd anniversary of the victory of the Islamic Revolution, reports say.

Two projects with an estimated investment of $ 3.5 billion at the Shazand Oil Refinery in the central Iranian city of Arak the will be officially inaugurated by the Iranian President Mahmoud Ahmadinejad during the 10-day celebrations commemorating the anniversary of the Islam Revolution Victory (30 Jan -11Feb), Mehr news agency reported on Thursday.

The new development plans at the oil refinery, which will increase the oil production capacity of the country to more than 17 million liters per day, are focused on reduction of sulfur and other pollutants in order to get Euro-5 standard in production of petrol for cars.

The Euro-5 is one of the European emission standards which define the acceptable limits for exhaust emissions of automobiles. The emission standards are defined in a series of European Union directives staging the progressive introduction of increasingly stringent standards.

Another significant plan is the production of the Propene, also known as Propylene, which is a waste product created when crude oil is refined into gasoline, diesel fuel and other products.

In December, the National Iranian Oil Products Distribution Company Managing Director Farid Ameri said that Iran will increase its fuel storage capacity by 5 billion barrels to reach over 16.7 billion liters.

The current storage capacity of oil products in the country is around 11.5 billion liters, but it will reach 16.7 billion liters by the end of the Fifth Five Year Development Plan (2010-2015), he added.

China renews call for diplomacy on Iran

Source: PressTV
http://www.presstv.ir/detail.aspx?id=127037§ionid=351020104


China says a draft UN Security Council resolution against Iran does not mean the end of diplomatic efforts to resolve the dispute over the Islamic Republic's nuclear program.

"The circulation of the draft resolution at the Security Council does not mean that the door for the diplomatic efforts has been closed," Li Baodong, China's permanent representative to the UN, said on Wednesday.

The five permanent members of the UN Security Council (the United States, Russia, Britain, France, and China) and Germany began discussing the draft resolution on Wednesday, RIA Novosti reported.

"We have repeatedly stressed that even though the six countries launched the discussion of sanctions against Iran, diplomatic efforts should not be halted," Li said.

"Countries that maintain regular, legitimate economic and trade relations with Iran should not be punished due to Iran's nuclear issue," he added.

The draft resolution was introduced by the US on Tuesday only one day after Iran, Turkey, and Brazil signed a declaration in Tehran that names Turkey as the site of a nuclear fuel swap in which Tehran would exchange its low-enriched uranium for 20 percent enriched nuclear fuel for the Tehran research reactor, which produces radioisotopes for cancer treatment.

"We welcome and attach importance to the agreement that Iran signed with Brazil and Turkey, and this is a positive step forward in the right direction," the Chinese envoy said.