Joint Memorandum of Understanding between the National Development and Reform Commission of the People's Republic of China and the Ministry of Oil of the Islamic Republic of Iran.

The two Parties confirm that they will jointly promote the mutual participation of companies of the two countries in each other's exploration and development of oil and gas resources, petroleum and condensate oil refineries, petrochemicals, compressed natural gas, pipelines and engineering contracting services, and provide necessary assistance and facilities for the two countries' companies. The two Parties agree to support the gradual expansion of crude oil trade between Chinese and Iranian companies. In addition, a Joint Commission of Oil, Natural Gas, Liquefied Natural Gas, Compressed Natural Gas and Petrochemical Cooperation shall be established.