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Iran wants Chinese energy cooperation

IRAN has set a goal of extending energy cooperation with China, Parviz Davoodi, the first vice president of Iran, said on Saturday.

With regard to the huge oil and gas resources in Iran and Iran's interests in downstream industries, the country sees the road "completely open for gas and oil relations with China," Davoodi said at the Boao Forum for Asia.

"We consider Iran as one of the most stable countries in the Middle East to provide the necessary energy resources for China," he said.

Davoodi also said there were opportunities in Iran for Chinese investors, who could get into the area (of the privatization of Iran's industry) and break into crucial industries including oil and gas.

He said Iran is ready to cooperate with China either within the framework of an Islamic banking structure or according to a new model.

He said Iran believes that the most important cause of the current global financial crisis came down to elements including a lack of moral values in the capital system and the financial system, the unitary system in the world's financial system and an overconfidence in the capital system.

"In providing solutions to problems ... we should have multilateralism, with more countries present and participating in key financial decision-making," Davoodi said.

Davoodi said because of the current financial crisis, a lot of other countries were nationalizing their banks, which goes against capitalist ideas.


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