China has reportedly agreed to invest $500 billion in Iran's energy, transportation, and manufacturing industries over the next 25 years. According to a source from Iran's petroleum ministry, the two sides met at the end of August to discuss the agreement, which is part of the China-Iran comprehensive strategic partnership signed in 2016. China plans to invest $280 billion in Iran's oil, gas, and petrochemical sectors with payments over five-year periods, and $120 billion in its transportation and manufacturing infrastructure with a similar payment structure. China also agreed to increase imports of Iranian oil in defiance of U.S. sanctions. China will also be able to buy Iranian energy at a discount, can delay payments for up to two years, and can pay in soft currencies, meaning it will not have to use U.S. dollars.