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

With regard to huge oil and gas resources in Iran and Iran's huge interests into downstream industries, the country sees the road "completely open for the gas and oil relations with China," Davoodi said at a press conference at the ongoing Boao Forum for Asia Annual Conference 2009 in south China's Hainan Province.

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

Davoodi also said Chinese investors could get into the area (of the privatization of Iran's industry) and get in big industries including oil and gas.

He said Iran has been ready to cooperate with China either within the frame of Islamic bank or out of this model.

He said Iran believes that the most important cause of the crisis relies on elements including the lack of moral values of the capital system and the financial system, the unitary system in the world's financial system and the overconfidence in the capital system.

"In providing solutions to problems...we should have multilateralism with the huge participation and presence of more countries in decision-making in relation with the financial decision," he noted.

Davoodi said under the current financial crisis, a lot of countries interfere in their banking system and they are nationalizing their banks, which is in contravention with capitalist ideas.

(Xinhua News Agency April 19, 2009)