China, Saudi Arabia sign USD65 billion in deals as King visits
March 20, 2017 Category VIP visits, Weekly
Saudi Arabia’s King Salman bin Abdul-Aziz al-Saud oversaw the signing of deals worth potentially USD65 billion during his visit to Beijing. The King is promoting investment opportunities in the kingdom, including the sale of a stake in Saudi Aramco, which is expanding its refining and chemicals portfolio to diversify assets and secure long-term agreements for its oil. Saudi Arabia has sought to boost oil sales to China by working mostly with China’s top three state oil firms. An MOU with state-run Norinco will look into building refining and chemical projects in China, while Saudi Basic Industries Corp (SABIC) and Sinopec have agreed to develop petrochemical projects in China and Saudi Arabia. The Norinco deal would 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. Sinopec and SABIC jointly run a refinery in Tianjin. also include an MOU for Sandi Arabia to participate in China’s Chang’e-4 moon mission and a partnership agreement for drone manufacturing. This week Israeli Prime Minister Benjamin Netanyahu is scheduled to visit China.
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