Deals worth $65 billion signed between Saudi and China
Saudi Arabia’s King Salman bin Abdulaziz Al-Saud oversaw the signing of deals potentially worth $65 billion during his visit to Beijing today as the world’s largest oil producer looks to cement ties with China, the world’s second-largest economy.
Deputy Chinese Foreign Minister Zhang Ming said the memorandums of understanding and letters of intent involved everything from energy to space, but he did not give details.
The monarch is on a month-long Asian tour aimed to promote investment opportunities in the Kingdom, including the sale of a stake in its giant state firm Saudi Aramco, according to media reports.
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 the King 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,” Jinping told the media. Read more…