Iran woos China for oil, gas cash

Struggling under US-led economic sanctions, Iran is increasingly turning to China for cash to invest in oil and gas development.

For Beijing, the unprecedented opportunity to strengthen ties with one of its biggest oil suppliers coincides with a broader Chinese thrust to secure access to energy assets in the Middle East and Africa. Recently, it has pursued deals mainly in Iran and Iraq, snapping up opportunities left by many western oil companies.

In Iran, the run of Chinese deal-making continues to gain momentum.