News Worms
News Worms


Saudi King visits China, signs deals worth up to $65 billion

Saudi King visits China, signs deals worth up to $65 billion

The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of its 2030 Vision.

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.

Saudi King Salman bin Abdulaziz Al Saud has cancelled his state visit to the Maldives over the H1N1 outbreak in the island nation.

Saudi Arabia is seeking to boost oil sales to China, the world's second-largest oil market, after losing market share to Russian Federation.

Meanwhile, a memorandum of understanding with state-run Norinco will look into building refining and chemical projects in China, while Saudi Basic Industries Corp and Sinopec have agreed to develop petrochemical projects in China and Saudi Arabia.

China and Saudi Arabia established their diplomatic ties in 1990, the relationship deepened even more in 2016, when President Xi made a historic visit to the country in January.

Cooperation is also advancing in the fields of energy production, satellites, sciences, technology, nuclear energy, renewable energy, the financial sector and other emerging fields.

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

- Saudi Aramco and Aerosun Corp 600501.SS signed an MoU to manufacture reinforced thermoplastic pipe and components.

Trade between China and Saudi Arabia has grown exponentially, and the two sides are expected to expand political and military cooperation, according to the report.

During the press conference, the Minister of Foreign Affairs, Dr Mohamed Asim, said that when the fresh dates are confirmed for the king's visit, it will be announced.

China has had to tread a careful line, though, as it also has close relations with Iran.

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

Next week Israeli Prime Minister Benjamin Netanyahu visits China.

The news agency said the arrangements were completed after a meeting took place with an Iranian delegation on February 23.

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