Among other measures, the agreement includes the renovation of Abadan Refinery; investments in as many as 70 petrochemical projects; development of the second phase of the North Azadegan and Yadavaran oil fields; and a Chinese commitment to purchase a significant share of Iran's oil exports.
Since the lifting of sanctions in January, China has been Iran's largest customer for oil, with imports of 800,000 barrels a day of crude. Iran has been increasing its production faster than analysts predicted: its exports for April rose to two million barrels a day, the IEA says, up 600,000 barrels from March.
Managing director of the National Iranian Tanker Company, Ali-Akbar Safaei, said that all insurance problems affecting Iranian tanker operations have been solved.
