china saudi arabia eye 65bn in deals as king visits
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China, Saudi Arabia eye $65bn in deals as king visits

Arab Today, arab today

Arab Today, arab today China, Saudi Arabia eye $65bn in deals as king visits

Saudi Arabia's King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to
Beijing - Arab Today

Saudi Arabia's King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to Beijing Thursday, as the world's largest oil producer looks to cement ties with the world's second-largest economy. 


The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a month-long Asian tour. 


The visits to countries that are some of world's fastest growing importers of Saudi oil aim to promote investment opportunities in the kingdom, including the sale of a stake in its giant state firm Saudi Aramco. 


Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russia last year, by working mostly with China's top three state oil firms. 


Chinese President Xi Jinping told Salman in Beijing's cavernous Great Hall of the People that his visit showed the importance he attached to relations with China. 


"This visit will push forward and continue to improve the quality of our relations and bear new fruit," Xi said in comments in front of reporters. 


'OLD FRIENDS' 


Deputy Chinese Foreign Minister Zhang Ming said the memorandums of understanding and letters of intent were potentially worth about $65 billion, involving everything from energy to space, but he did not give details. 


"President Xi Jinping and King Salman are old friends," Zhang said. "Practical cooperation between China and Saudi Arabia has already made major achievements, and has huge potential." 


For Saudi Aramco, the potential investments fit with its strategy to expand its refining and chemicals portfolio in its bid to diversify assets and secure long-term agreements for its oil. 


An MoU with state-run Norinco will look into building refining and chemical projects in China, while Saudi Basic Industries Corp (SABIC) and Sinopec have agreed to develop petrochemical projects in China and Saudi Arabia. 


The Norinco deal could involve exploring the possibility of a greenfield refinery and chemical plant in Panjin, Liaoning province, while also upgrading an existing refinery and petrochemical facility in the same location, an industry source said. 


Sinopec and SABIC, one of the world's largest petrochemical companies, jointly run a refinery in Tinajin. 


'HONEST BROKER 


China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil. But it has been trying to get more involved in efforts to end Syria's six-year-old civil war, where Riyadh supports rebels battling President Bashar Assad. 


Last year China also offered support for Yemen's government, which is backed by a Saudi-led Gulf Arab coalition in a war against the Iranian-aligned Houthi movement that controls much of the country. 


Zhang said both the Yemen and Syria crises were discussed by Salman and Xi, and both leaders agreed that these issues must be resolved politically via talks. 


China has had to tread a careful line, though, as it also has close relations with Iran. Xi visited both Saudi Arabia and Iran in January last year. 


Next week Israeli Prime Minister Benjamin Netanyahu visits China. 


One Beijing-based diplomat from a Muslim-majority country told Reuters that China was trying to play the role of "honest broker" in the Middle East, as it lacks the historical baggage of the Americans or the Europeans. 


"China does not take sides and that is appreciated," said the diplomat, speaking on condition of anonymity

Source: NNA

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china saudi arabia eye 65bn in deals as king visits china saudi arabia eye 65bn in deals as king visits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china saudi arabia eye 65bn in deals as king visits china saudi arabia eye 65bn in deals as king visits

 



GMT 21:00 2017 Monday ,09 October

Turkey urges US to review visa suspension as lira

GMT 09:21 2014 Wednesday ,17 December

5 new science-based tips on how to eat healthy

GMT 14:45 2013 Saturday ,13 July

Eman Salama ecstatic to work with Adel Emam

GMT 14:09 2016 Wednesday ,07 December

Porto, Sevilla eye clinching victories for last 16

GMT 12:39 2017 Thursday ,23 March

Liverpool great Moran dies, aged 83

GMT 08:37 2017 Wednesday ,12 April

Naima Kamel receives spring with collection

GMT 14:49 2017 Tuesday ,28 November

French international schools strike over cuts

GMT 11:34 2014 Sunday ,27 April

Best home design

GMT 19:36 2011 Friday ,11 March

Cuts threaten plans for special needs children

GMT 14:16 2017 Thursday ,23 February

Bahrain weather forecast

GMT 21:01 2013 Sunday ,18 August

Egypt police ban vigilante groups in streets

GMT 15:37 2017 Thursday ,10 August

For 'embarrassing' selfies with Mogherini

GMT 18:34 2016 Monday ,19 September

Hadi moves central bank

GMT 00:39 2017 Thursday ,13 April

Oman, Lithuania sign joint communiqué

GMT 12:32 2016 Saturday ,03 September

Tom Ford hypnotises Venice

GMT 00:52 2017 Saturday ,04 February

British MPs back Brexit in first vote

GMT 06:34 2015 Thursday ,22 January

India's Suzlon sells German unit to raise €1bn

GMT 08:19 2016 Wednesday ,30 March

Syrian refugee crisis demands united global action

GMT 10:06 2016 Tuesday ,13 December

Kremlin blames lack of US cooperation for Palmyra blow
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday