A new contract between Iran and China will turn Qeshm Island into a focal point in the Persian Gulf in terms of oil reservation projects and oil production activities.
The contract was signed between Arak Machine Manufacturing Company (Machin-Sazi Arak) from Iran and Jinggang Company, which is the biggest name in the Chinese iron industry.
According to Amir Hossein Rezaie, who is the manager of Arak, the value of the contract stood at $550m. The deal aims at establishing a strategic point as an oil reservoir and for oil products. At the first stage of the project, 10m barrels of oil will be stored.
The selection of Qeshm Island for the implementation of the project is due to the island’s special geographical situation, as it is close to the port city of Bandar Abbas in south of the country. The port is a very favourable spot for loading and unloading oil tankers and cargo ships.
The spokesman for the Iranian Ministry of Foreign Affairs, Nasser Kanaani, has condemned as unacceptable…
Iran’s ambassador and permanent representative to the United Nations Amir Saeed Iravani says his country’s…
Russian President Vladimir Putin and his Chinese counterpart Xi Jinping have agreed to strengthen ties…
Israeli Defense Minister Yoav Gallant on Thursday revealed plans to send additional troops to join…
The Arab League has called for the deployment of a United Nations peacekeeping force in…
Ukrainian President Volodymyr Zelensky has admitted the military condition in the northeastern Kharkiv region was…