BEIJING, 26 January 2007 — Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi met here yesterday with Maa Kai, president of China’s National Development and Reform Commission, to discuss increasing cooperation between Saudi Arabia and China in the field of oil.
Saudi Ambassador to China Saleh Al-Hujailan attended the meeting.
“The economic and oil cooperation between the two countries is steadily growing, especially after the historic visit by the Custodian of the Two Holy Mosques King Abdullah to China early last year,” Naimi said in a statement to the Saudi Press Agency following the meeting.
They also reviewed the developments in the international oil market and stressed the importance of market stability.
Naimi said the Chinese imports of Saudi oil amounted to 470,000 barrels per day with an increase of 7 percent over 2005. These imports accounted for more than 16 percent of China’s need of imported oil. He also expected Chinese imports of Saudi oil would continue to increase in the coming years.
The trade exchange between Saudi Arabia and China in 2006 stood at $20 billion.