Iran 's Oil Minister Rostam Ghasemi is currently in China , an Iranian oil official said Tuesday, amid an oil-pricing dispute that has led to a sharp drop in Beijing 's crude imports from the Islamic Republic.

The official said the minister, who is set to return later Tuesday, was accompanied by a large delegation and had been scheduled to meet Chinese oil companies, but didn't have more details.

China International United Petroleum & Chemicals Co., known as Unipec, and National Iranian Oil Co. have remained deadlocked over a new term supply contract for crude oil and condensate this year. The dispute is commercial rather than political.

Unipec had a term contract to purchase 220,000 barrels a day of crude and 60,000 barrels a day of condensate from NIOC in 2011, representing about half of China 's overall crude imports from Iran of about 560,000 barrels a day last year.

The lack of an agreement has resulted in January and February orders being skipped. If an agreement isn't reached by mid-February, March orders could be affected as well.

Liu Weimin, a spokesperson for China 's ministry of foreign affairs, said Tuesday at a daily press briefing that China 's normal economic and trade ties with Iran will benefit both countries and their people, and that the trade shouldn't be disturbed.

A Chinese Foreign Ministry spokesman was unavailable for comment on the oil minister's visit late Tuesday.

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