A Chinese company is planning to invest $400 million in an Iranian petrochemical catalyst production project, a senior official said in a report.

China is the top purchaser and the best market for Iranian petrochemical products, Majidreza Hariri, vice president of Iran-China Joint Chamber of Commerce, was quoted as saying in an Iran Daily News report.

He pointed out that there is no impediment to Chinese partnership in the catalyst project.

Based on a deal signed between Iran and China, bilateral transactions will reach $60 billion in the next 10 years, added the report.