Iran: resource-rich Middle East country seeking Chinese funding.
Iran seeks Chinese funds
Iran is inviting China to get involved in deals in several huge oil projects worth more than $42.8 billion
The projects touted by Tehran comprise upgrades and expansions of refineries, construction of seven new ones and building a 1,640-kilometre oil pipeline from Neka on the Caspian Sea in the north to Jask on the Gulf of Oman in the south, according to a South China Morning Post report.
About $30 billion will go to the seven new refineries in the west of the country, the Ministry of Petroleum of Iran told an investment promotion event in Beijing yesterday.
Iran hopes to boost its oil production capacity to 190 million litres per day by 2012 from 44 million. About $136 million new investment will be required in its oil industry and another $236 million in its gas industry.