(MENAFN) China allegedly owes Iran more than USD20 billion in outstanding oil payments, and it's more than willing to settle it to deepen joint ties.
In accordance, the cash has been frozen in overseas banks after the US-led sanctions made it difficult for Beijing to transfer money to Tehran.
Moreover, the two nations have closed an agreement to settle some parts of the frozen money through China's funding of Iranian petchem schemes.
Additionally, both countries have revealed their complete readiness to amend the hampered relations and reach a groundbreaking and lucrative joint strategy.
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