Import volume of oil from Iran to China increases significantly. Iran has already become one of the most important oil suppliers for China. What’s more, China also becomes the largest trade partner for Iran officially since 2009 when exceeded EU and the leading investments supplier, which filled up value of trade left behind by the Western withdrawing.
Due to be sanctioned by the Western, energy export in Iran suffers from limitations. So China hold amount of Iranian oil orders. Since the first half year of 2014, China imports 6.3 hundred thousand barrels of oil averagely from Iran, increasing by 48%, compared with last year. Iran has already become the third largest oil supplier for China.
China has close relations with Iran on energy cooperation. Although Iran has the forth global oil reserves
and second largest supplier of OPEC, Iran is short of refining technologies for long-term. In spite of the forth largest global oil reserves, Iran as the second largest supplier of OPEC is short of refining technologies for long-term. It needs China to assist it to build up refineries and invest oil equipments and other infrastructures.
After oil contract being signed by China and Iran in 2005 which was as high as 1 hundred billion dollars, value of trade between two parties grows at a high speed. In 2009, value of trade between China and Iran was as high as 21.2 billion dollars, increasing by almost one time, compared with 14.4 billion dollars three years ago. In the same year, 13% of Iranian whole value of trade came from China (about 7.9 billion dollars). Before that, value of trade between China and Iran was less than 4 hundred million dollars in 1995.