Tehran (IP) – Iran's minister of economic affairs and finance says specific contracts within the framework of the Iran-China 25-year cooperation agreement will be finalized soon.

Iran PressIran News: Ehsan Khandouzi made the remarks on the sidelines of the ceremony of signing an agreement to construct a new pipeline for transferring petroproducts, saying that the Iran-China 25-year cooperation agreement must reach specific contracts in each area that various ministries have been involved in recent months and are now being finalized.

"In the coming months, we will take step to conclude contracts in different sectors," Khandouzi concluded.

The remarks came as the Chinese and Iranian foreign ministers Wang Yi and Hossein Amir-Abdollahian announced the launch of a 25-year cooperation agreement aimed at strengthening economic and political ties.

Iran and China signed the landmark agreement in March last year in defiance of the US unilateral sanctions to strengthen the long-standing economic and political alliance.

Khandouzi added that financing oil projects that were short of foreign sources is still possible from domestic sources and will be done more quickly.

Iran's minister of economic affairs and finance stated that the project will mitigate the traffic of 1000 tankers and fuel smuggling will be reduced by regulating the transfer of products.

He pointed to the financing of oil industry projects by a consortium consisting of the country's banks and added: "We are trying in the Ministry of Economy so that banks can support production, especially the sectors that are considered as the driving force of the economy."

He said: "This financing will be done both in the development of petroleum refineries and other oil projects."


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