Saudi Arabian King Salman bin Abdulaziz Al Saud yesterday oversaw the signing of deals worth potentially US$65 billion as he began a visit to Beijing.
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 state firm Saudi Aramco.
Photo: EPA
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 (習近平) told Salman in Beijing’s 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.
Chinese Deputy Minister of Foreign Affairs Zhang Ming (張銘) said the memoranda of understanding (MOU) and letters of intent were potentially worth about US$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 Corp (中國石油化工) 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 Tianjin, China.
China has traditionally played little role in Middle East conflicts or diplomacy, despite its reliance on the region for oil. However, it has been trying to get more involved in efforts to end Syria’s six-year-old civil war, where Riyadh supports rebels battling Syrian President Bashar al-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 ties with Iran. Xi visited both Saudi Arabia and Iran in January last year.
Next week, Israeli Prime Minister Benjamin Netanyahu is to visit China.
One Beijing-based diplomat from a Muslim-majority country said that China was trying to play the role of “honest broker” in the Middle East, as it lacks the historical baggage of the US or Europe.
“China does not take sides and that is appreciated,” the diplomat said on condition of anonymity.
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