Iran, China to form joint oil, gas committee http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1294847

During the meeting, the Chinese commerce minister hailed economic and trade ties with the Islamic Republic, saying the expansion of bilateral cooperation would benefit the both nations and the region as well as the world.Chen noted that Chinese companies have invested some $570 million in the Islamic Republic of Iran over the past two years.The Chinese minister pointed out that Iran has rich resources of oil and gas, and expressed his country's willingness to further enhance energy ties with the Islamic Republic.

Iran is currently China's third largest supplier of crude oil, providing it with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.The volume of Iran's trade with China stood at about $30 billion in 2010, up from $400 million in 1994. The two countries have sought to enhance their bilateral trade ties significantly.