Iran intends to expand USD400bn oil agreement with China: envoy

In a bid to stabilise the embattled Iranian rial and bolster its flagging economy, Iran’s Ambassador to Pakistan, Dr Reza Amiri Moghaddam, stated on Thursday that Tehran intends to expand its landmark 25-year oil agreement of USD 400 billion with China. The strategic move aims to diversify Iran’s economic partnerships as the country grapples with the compounded effects of prolonged economic sanctions and internal unrest. Speaking at a press conference, Dr Moghaddam elaborated on the urgent steps Iran has taken to curb the rapid depreciation of its currency, which has been under severe pressure due to mounting economic difficulties. He highlighted that expanding the Sino-Iranian oil deal would be vital in alleviating the impact of Western sanctions, revitalising Iran’s oil exports, and strengthening both its financial position and currency.