(MENAFN) According to an Iranian official, China to double its investment in Iran's energy projects ahead of a deadline for a deal with the world powers over Tehran's nuclear program, AFP reported.
China has agreed to changes proposed by Iran's central bank, raising its share in Iranian projects to more than USD52 billion, Iran's deputy energy minister said in a statement.
Iranian officials said that the investment will be guaranteed by Iranian deposits worth USD20 billion held in Chinese banks due to international sanctions imposed for Iran's nuclear program.
"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," the deputy said.
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