Saudi Arabia and China are stepping up cooperation to secure secure energy supplies through petrochemical joint ventures between the two sides.
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| Energy cooperation continues to be a major pillar of China-Saudi Arabia relations. In the photo, a port receiving oil tankers at Zhoushan Port, Zhejiang province, China. (Source: CNS) |
On June 5, Saudi Energy Minister Abdulaziz Al-Saud met with China National Energy Agency Chairman Zhang Jianhua in Riyadh to discuss plans to set up petrochemical joint ventures.
The two sides also discussed ways to strengthen ties between the two countries in various fields to achieve the goals outlined in Saudi Arabia's Vision 2030, as well as China's Belt and Road Initiative. .
Saudi Arabia is expected to host the Arab-Chinese Business Conference on June 2-11 in Riyadh, aiming to promote economic, trade and investment cooperation between Arab countries and China. With the theme "Cooperation for Prosperity", the above-mentioned conference is expected to attract more than 12 delegates who are investors, businessmen and high-ranking officials in the governments of countries.
According to Saudi Investment Minister Khalid Al-Falih, cooperation in the field of trade between Arab countries and China has developed quite strongly in recent years. Trade between Arab countries and China in 2022 will reach 430 billion USD, up 31% compared to 2021.
Saudi Arabia leads the Arab region in trade with China, with bilateral trade reaching $106 billion last year, up 30% from the previous year.
