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

Mar 18, 2017, 01:01
China, Saudi Arabia eye $65b in deals as king visits

China's state-owned Sinopec Group and Saudi Basic Industries Corp signed a strategic cooperation agreement in Beijing on Thursday to look into opportunities for cooperation in both countries, Sinopec said on its website.

Last year China imported 51 million tons of oil from the Saudi, and bilateral trade reached more than 42 billion U.S. Dollars.

Foreign Minister Mohamed Asim said a new date for King Salman's trip to the Indian Ocean archipelago would be announced later. The news came on the first day of a four-day visit by Saudi King Salman to China.

Saudi and Chinese companies also signed 21 deals ranging from investments in oil and petrochemical plants to e-commerce and renewable energy markets.

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. While two countries have cooperation in many fields like infrastructure and communication, the biggest part of all is energy.

Aramco said the MOU was for the development of refinery and chemical facilities.

Investment in agriculture, not loan waiver, solution to farmers' problems: Fadnavis
Fadnavis reiterated that his government was not opposed to farm loan waiver but wanted the decision in favour of farmers. Munde countered the CM's query to the opposition on the loan waiver with his own set of questions.

The state oil giant also signed an MoU with Aerosun Corp for the manufacture of reinforced thermoplastic pipes and components.

Last year, Saudi Arabia lost its position to Russian Federation as the biggest crude exporter to China.

"With growing public outrage and strong opposition to President Yameen's attempts to sell-off Faafu atoll to the Saudi royal family, the MDP feels that the time is not right for the royal visit", the party said in a statement.

"This visit will push forward and continue to improve the quality of our relations and bear new fruit", said Xi who visited Saudi Arabia a year ago.

Next week Israeli Prime Minister Benjamin Netanyahu visits China.

The Maldives was to be the final stop in the monarch's ongoing Asian tour that has already taken him to Malaysia, Indonesia, China and Japan.