RIYADH (Reuters) – China and Saudi Arabia have reaffirmed the importance of stability in the global oil market and Riyadh’s role in maintaining it, according to a joint statement issued on Friday on the occasion of the visit of Chinese President Xi. Jinping in Saudi Arabia.
Saudi Arabia, a heavyweight in OPEC+, and China, the world’s largest energy consumer, pledged on Thursday to strengthen their trade and economic cooperation.
“The People’s Republic of China hailed the Kingdom’s role as a defender of the balance and stability of world oil markets and as a reliable major exporter of crude oil to China,” the statement carried by the media said. Saudi states.
The two parties will explore joint investment opportunities in the field of petrochemicals, strengthen their cooperation in the field of renewable energies, including nuclear, and develop projects relating to energy supply chains, efficiency and advanced technologies.
The press release also raises the prospect of joint investments in energy projects in “energy-consuming countries in Europe and Africa”.
Saudi Aramco and China’s Shandong Energy have signed a memorandum of understanding that includes a potential agreement on crude oil and chemical supply, Aramco announced on Friday. The Saudi company added that the two companies were studying the possibility of collaborating in the field of integrated refining and petrochemicals in China.
On Xi Jinping’s arrival in the kingdom, Saudi energy minister says Riyadh and Beijing will seek to boost energy supply chain cooperation by establishing a regional hub in the Gulf state for Chinese factories.
(Written by Riham Alkousaa and Ahmad Ghaddar in Dubai; French version Elena Smirnova, editing by Kate Entringer)
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