China bolsters cooperation with Saudi companies in the energy sector
focusing on aligning initiatives with Saudi Vision 2030
Relations between China and Saudi Arabia are witnessing notable progress,
particularly in the energy sector,
as the National Development and Reform Commission of China fully supports mutual cooperation with Saudi companies.
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This support is part of joint efforts to achieve long-term strategic objectives, including exploiting investment opportunities and exchanging expertise.
Cheng Shan Jie, the head of the commission, emphasizes the significant importance of this cooperation, especially amidst ongoing acquisitions and partnerships aimed at expanding the investment horizon between the two countries. During a meeting with Amin Nasser, CEO of Aramco, Cheng expressed his country’s welcome for Saudi investments, highlighting ongoing efforts to liberalize China’s economy and facilitate foreign investment.
On its part, Aramco is looking to enhance its presence in the Chinese market by developing its capabilities to convert crude oil into chemicals and is exploring new opportunities for partnership and acquisitions to support its global ambitions.
Vision 2030
The cooperation between the two countries also includes coordinating the “Belt and Road” initiative with Saudi Vision 2030, reaffirming the joint commitment to enhance strategic relations and cooperation in multiple fields, including renewable energy and bio-materials, with the aim of achieving mutual and sustainable interests.
In the framework of these partnerships, new agreements worth over $25 billion were signed, adding to a series of previous agreements that reflect the strategic depth and fruitful cooperation between the two nations, in their pursuit of comprehensive and sustainable development in all fields.
China bolsters cooperation with Saudi companies in the energy sector