China seeks ‘new chapter’ with Iran after sanctions lifted

Iranian President Hassan Rouhani and visiting Chinese counterpart Xi Jinping said today their countries had agreed to expand economic and political ties, calling it a “new season” in bilateral relations.

The value of trade transactions between Tehran and Beijing stood at some $52 billion in 2014.

The Chinese president is the first leader to visit Iran after worldwide sanctions were lifted on January 16 under a nuclear deal reached with six major powers including China.

China has called on both countries to exercise calm and restraint amid their on-going feud.

Iranian President Hassan Rouhani said he and Mr Xi had signed a “comprehensive 25-year document” on strategic relations.

Iranian state news agency IRNA reports that Xi is also the first Chinese president to visit Iran in 14 years.

The Chinese president’s trip to Tehran is the last leg of his three-nation tour which has also taken him to Saudi Arabia and Egypt.

China remains Iran’s top trade partner.

He was to meet Iran’s most powerful figure, Supreme Leader Ayatollah Ali Khamenei, later in the day.

The North Azadegan Oil Field, located along Iran-Iraq border, is one example of cooperation projects led by China National Petroleum Corporation (CNPC).

Riyadh and a number of Sunni Arab allies broke diplomatic ties with Iran this month after protesters angry over the execution of a prominent Shiite cleric ransacked Saudi diplomatic missions in Iran.