Nihao-Salam Nihao-Salam
Nihao-Salam
Watch Us on YouTube Like us on Facebook Follow us on Twitter! Email us! Free Sign Up for Our Newsletter Email us!
www.cpecinfo.com

China, Saudi Arabia sign deals worth $65 bln

Date : 17-03-2017
Beijing, March 16: A slew of deals worth about 65 billion US dollars have been signed between China and Saudi Arabia during Saudi King Salman bin Abdulaziz Al Saud's visit in Beijing.

Chinese President Xi Jinping (L) welcomes visiting Saudi King Salman bin Abdulaziz Al Saud in Beijing, capital of China, March 16, 2017.

Chinese President Xi Jinping (L) welcomes visiting Saudi King Salman bin Abdulaziz Al Saud in Beijing, capital of China, March 16, 2017. [Screenshot: China Plus]

The memorandums of understanding and letters of intent signed by the two countries cover a wide range of areas such as space and energy, and involve 35 cooperative projects.

Under the agreements signed on Thursday, Saudi Basic Industries Corp (SABIC) and China's Sinopec, a state-owned petroleum and petrochemical enterprise group, will develop petrochemical projects in the two countries.

China-Saudi Arabia trade

China, Saudi Arabia sign deals worth $65 bln

[By China Plus]

Saudi Arabia was China's biggest supplier of crude oil for 16 successive years, from 2000 to 2015. And for years, Saudi Arabia has been China's largest trading partner in the West Asian and African region, Ministry of Foreign Affairs statistics show.

Saudi Arabia's top export market in 2016 was China, followed by Japan, while the country's top three import source are: the U.S., China, United Arab Emirates, according to China's Ministry of Commerce quoting Saudi Arabia's Central Department of Statistics.

China, Saudi Arabia sign deals worth $65 bln

[By China Plus]

China's top imports from Saudi Arabia include crude oil and petrochemicals, and major exports include mechanical and electrical products, steel and clothing.

Saudi Arabia is a major market for overseas construction projects for China, and there were over 160 Chinese companies in Saudi Arabia by 2016, Xinhua reports.

Saudi Arabia in a depressed global oil market

China, Saudi Arabia sign deals worth $65 bln

[By China Plus]

Saudi Arabia lost its oil market share to a number of rival countries in the past three years to 2016, and last year it lost its share to Russia, its biggest rival in China's oil market, according to media reports.

The country has since been trying to increase oil sales to China, Reuters reports


Comments

No Comments yet on this news


Enter Your Comments
Name :
Email :
Country/City :
Comments :
Enter Security Code :


Share |

Youln Magaznie: Online cultural journal on Pakistan and China

Articles Archive

News Archive

Important Links

Pakistan China Friendship

Happy One Year of Success
First Pakistan China Friendship Wedding Ceremony held In Islamabad

Happy One Year of Success



Chairman Pakistan China Institute Congratulates Chinese People on their 62 National Day
------------------------------------
Pakistani Ambassador to China wishes Happy 62nd National Day to China
------------------------------------
Happy National Day to China
------------------------------------
Message by Chinese Ambassador to Pakistan His Excellency Liu Jian on 62nd anniversary of the founding of the People's Republic of China
------------------------------------
Chinese leaders gather for 62nd anniversary of Peoples' Republic of China
------------------------------------
China's National Day celebrated in Pakistan
------------------------------------
China,a beacon of hope and a source of inspiration for peoples of developing countries:President Zardari
------------------------------------


Vice-President CRI hosts warm reception for Pak media in Beijing

Pakistan Media delegation visits Tiananmen Square, Great Wall

Press Briefing of "China-Pakistan River Civilization Tour" concludes in Beijing


China Radio International's Urdu Service launches Essay Competition "Me and China

Nihao Salam

China Pakistan Relations