News & Reports News Year 2013 February 2013 China Approves Joining Iran High-Speed Railway Project

China Approves Joining Iran High-Speed Railway Project

TEHRAN (FNA)- China's State Council approved plans to take part in the construction 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, Bloomberg reported.
China's decision comes despite the US and EU sanctions on Iran over its peaceful nuclear program.
China, the biggest buyer of Iranian crude oil, believes that "dialogue and cooperation" are the only ways to settle differences over Iran's nuclear program, Foreign Ministry Spokeswoman Hua Chunying said at a briefing this month.
The Foreign Ministry didn't immediately respond to a faxed request for comment today.