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| China said to approve joining Iran high-speed rail project |
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China’s State Copuncil approved plans to take part in the building of a high-speed railway line in Iran, two people familiar with the matter said.
The project will cost at least $1 billion and the companies participating haven’t yet been set, said the two people, who asked not to be identified because they weren’t authorized to speak publicly about the matter.
China’s decision comes as the U.S., the European Union and their allies have tightened sanctions on Iran.
China and Iran have maintained “normal business cooperation,” Foreign Ministry spokesman Hong Lei told a briefing in Beijing today. China is the biggest buyer of Iranian crude oil.
(Source: Bloomberg)
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