Saudi to further expand China energy investments

Jul 04, 2016 12:00 AM

Saudi Arabia is keen on expanding its investments in China’s energy industry, according to its Energy Minister Khalid Al Falih.

In an emailed statement following talks with China’s Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting, Falih said he wanted to see new investment projects carried out by Saudi and Chinese sovereign wealth funds.

Both the kingdom and China share interest in crude oil storage, mining, renewable energy and industrial development and there is room to grow bilateral trade in both energy and other hydrocarbons products such as petrochemicals, he added according to Reuters.

Al Falih’s comments were made in efforts to boost Saudi’s cooperation with the world’s second largest customer, China, and hopes Saudi investments could increase to cover all Chinese provinces.

“Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level,” he was quoted as saying in the statement.

Saudi companies already have joint venture businesses in China, with new projects on their way.

At the beginning of the year, oil giant Saudi Aramco said it was in talks to invest in refineries in China, while petrochemicals conglomerate Saudi Basic Industries Corp, Sabic, said it had agreed to build another petrochemical factory in China last month.

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