China agreed to invest $400 billion in Iran over 25 years in exchange for a steady supply of oil to fuel its growing economy under a sweeping economic and security agreement signed on Saturday.
The deal could deepen China’s influence in the Middle East and undercut American efforts to keep Iran isolated. But it was not immediately clear how much of the agreement can be implemented while the international dispute over Iran’s nuclear program remains unresolved.
President Biden has offered to resume negotiations with Iran over the 2015 nuclear accord that his predecessor, President Trump, abrogated three years after it was signed. But he says Iran must first commit to adhering to the terms of the agreement.
demanding that the United States act first to revive the deal it broke by lifting unilateral sanctions that have suffocated the Iranian economy. China was one of five world powers that, along with the U.S., signed the 2015 nuclear agreement with Iran.
draft obtained last year by The New York Times.
That draft detailed $400 billion of Chinese investments to be made in dozens of fields, including banking, telecommunications, ports, railways, health care and information technology, over the next 25 years. In exchange, China would receive a regular — and, according to an Iranian official and an oil trader, heavily discounted — supply of Iranian oil.