China and Saudi Arabia signed an energy cooperation agreement yesterday during a landmark visit by Saudi King Abdullah that both sides said would usher in an era of closer economic ties.
King Abdullah, who arrived on Sunday on his first trip outside the Middle East since taking the throne in August, met Chinese President Hu Jintao (胡錦濤) yesterday at the Great Hall of the People.
King Abdullah and Hu oversaw the signing of five agreements, including one on "oil, natural gas and mineral cooperation," and another on "economic, trade and technical cooperation."
Agreements were also signed to "avoid dual taxation", allow for a Saudi loan to improve infrastructure in the city of Aksu in China's oil-rich Xinjiang region, and to facilitate "cooperating in vocational training."
Neither side immediately provided further details of the agreements, although Saudi Foreign Minister Prince Saud al-Faisal spelt out before the signing ceremonies the main interest of both nations.
"China is one of the most important markets for oil and Saudi oil is one of the most important sources of energy for China," said the prince, who is accompanying the king.
Prince Saud said the energy deal would set the framework for specific energy investments, but agreements on the projects would have to be signed between the two countries' oil companies.
He also suggested specific agreements could be signed soon.
The visit by the Saudi king comes at a time when China, the world's second biggest oil consumer, is scouring the globe for more oil to fuel its unprecedented economic transformation.
At the same time, Saudi Arabia, the world's biggest oil supplier with the largest known reserves, is seeking to diversify its economy and ease its dependence on the US, the biggest oil consumer.
At the welcoming ceremony, Hu said the fact that King Abdullah had chosen China as the first destination of his first official trip outside the Middle East since ascending the throne had been noted and welcomed in Beijing.
"This will write a new chapter of friendly cooperation between China and Saudi Arabia in the new century," Hu said, who called the king "a respected and familiar old friend" of China.
King Abdullah, who is making the first visit by a Saudi leader to China since the two nations established diplomatic ties 16 years ago, also said he looked forward to stronger bilateral ties.
"What makes us happy is that since the two countries established diplomatic relations in 1990 our two countries have had fruitful cooperation in many fields," he said.
"We hope this cooperation will develop even more in the future."
Analysts said King Abdullah's choice of China as the first country of his Asian tour, which will also take in India, Malaysia and Pakistan, was a strategically sound move.
"China has the fastest growing market and Saudi Arabia has the right product to sell," said a Hong Kong-based oil analyst who requested anonymity.
Shi Yinhong (
Taiwan’s long-term economic competitiveness will hinge not only on national champions like Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) but also on the widespread adoption of artificial intelligence (AI) and other emerging technologies, a US-based scholar has said. At a lecture in Taipei on Tuesday, Jeffrey Ding, assistant professor of political science at the George Washington University and author of "Technology and the Rise of Great Powers," argued that historical experience shows that general-purpose technologies (GPTs) — such as electricity, computers and now AI — shape long-term economic advantages through their diffusion across the broader economy. "What really matters is not who pioneers
In a high-security Shenzhen laboratory, Chinese scientists have built what Washington has spent years trying to prevent: a prototype of a machine capable of producing the cutting-edge semiconductor chips that power artificial intelligence (AI), smartphones and weapons central to Western military dominance, Reuters has learned. Completed early this year and undergoing testing, the prototype fills nearly an entire factory floor. It was built by a team of former engineers from Dutch semiconductor giant ASML who reverse-engineered the company’s extreme ultraviolet lithography (EUV) machines, according to two people with knowledge of the project. EUV machines sit at the heart of a technological Cold
TAIWAN VALUE CHAIN: Foxtron is to fully own Luxgen following the transaction and it plans to launch a new electric model, the Foxtron Bria, in Taiwan next year Yulon Motor Co (裕隆汽車) yesterday said that its board of directors approved the disposal of its electric vehicle (EV) unit, Luxgen Motor Co (納智捷汽車), to Foxtron Vehicle Technologies Co (鴻華先進) for NT$787.6 million (US$24.98 million). Foxtron, a half-half joint venture between Yulon affiliate Hua-Chuang Automobile Information Technical Center Co (華創車電) and Hon Hai Precision Industry Co (鴻海精密), expects to wrap up the deal in the first quarter of next year. Foxtron would fully own Luxgen following the transaction, including five car distributing companies, outlets and all employees. The deal is subject to the approval of the Fair Trade Commission, Foxtron said. “Foxtron will be
INFLATION CONSIDERATION: The BOJ governor said that it would ‘keep making appropriate decisions’ and would adjust depending on the economy and prices The Bank of Japan (BOJ) yesterday raised its benchmark interest rate to the highest in 30 years and said more increases are in the pipeline if conditions allow, in a sign of growing conviction that it can attain the stable inflation target it has pursued for more than a decade. Bank of Japan Governor Kazuo Ueda’s policy board increased the rate by 0.2 percentage points to 0.75 percent, in a unanimous decision, the bank said in a statement. The central bank cited the rising likelihood of its economic outlook being realized. The rate change was expected by all 50 economists surveyed by Bloomberg. The
RSS