Iran’s Arvand FTZ, Chinese Company Sign MoU

Iran’s Arvand Free Trade Zone (FTZ) and Chinese Hang Seng Oil Pipeline Manufacturing Company have signed a memorandum of understanding (MoU), Arvand FTZ Managing- Director Mehdi Nikpey announced on Tuesday.
“An MoU has been signed between Arvand Free Trade Zone and China’s Hang Seng Oil Pipeline Manufacturing Company in line with the expansion of economic and trade activities,” Nikpey told FNA today.

He noted that one of the objectives for signing the MoU is mutual cooperation in the field of production of specialized oil pipelines in Arvand Free Trade Zone.

“The investment will be made in three phases for the establishment of the industrial site of Arvand FTZ in an area of about 15 hectares,” Nikpey added.

Trade between Iran and China in the past year was estimated at $45bln.

Iran is currently China’s third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.