Saudi-Chinese joint ventures expected to be formed during king’s visit

Abdullah Al-Meleihi
Updated 04 March 2017

Saudi-Chinese joint ventures expected to be formed during king’s visit

RIYADH: Top Saudi businessmen have expressed optimism that joint ventures or partnerships could be formed with Chinese counterparts during King Salman’s visit.
Sheikh Abdullah Al-Meleihi, board member of the Council of Saudi Chambers of Commerce and Industry, said 65-70 businessmen will join the king’s entourage during his trip, and they are looking forward to forming industrial partnerships with Chinese counterparts.
He said King Salman is expected to visit China, the world’s second-biggest economy, in mid-March. From there, he will proceed to Japan, Brunei and Jordan, where he will attend the Arab League Summit. Last Thursday he was in Indonesia, and before that Malaysia.
“King Salman is giving a strong message to different countries that the Kingdom welcomes investors,” said Al-Meleihi, adding that in support of this, the Kingdom announced recently that it is studying giving visas to foreign investors in 24 hours.
He said the China visit will give King Salman the opportunity to promote Saudi Aramco’s initial public offering (IPO) in 2018. He added that it is the world’s biggest IPO, involving 5 percent of Saudi Aramco and worth $2 trillion, and it is attracting government funds as well as international banks.
Yasser Al-Harbi, a member of the Saudi-Chinese Business Council, said the visit “comes at a crucial time as the Kingdom carries out its Vision 2030 plan.”
Saudi Arabia is attracting investors in relation to it. The Saudi leadership is seeking partnerships with international players in all fields.”


Attacks on oil facilities in Kingdom threaten world economy: Saudi energy minister

Updated 15 September 2019

Attacks on oil facilities in Kingdom threaten world economy: Saudi energy minister

  • Aramco says no staff injured in attacks
  • Aramco is currently working on restoring the lost quantities

RIYADH: Saudi Arabia’s energy minister said drones that attacked Saudi Aramco installations had caused an interruption of an estimated 5.7 million barrels in crude supplies and threaten the world economy.

Prince Abdulaziz bin Salman said as a result of the terrorist acts, oil production in Abqaiq and Khurais was knocked out temporarily and that estimates show that 50 percent of the company’s production had been interrupted.

Part of the decrease will be compensated to clients through reserves, Prince Abdulaziz said in a statement carried on the Saudi Press Agency.

The newly appointed minister confirmed there were no injuries to staff at the locations targeted, adding that the company is still assessing the resulting damage.

The attacks not only target the Kingdom’s vital installations, but also target the international oil supply and threaten its security, he said, and are a threat to the world economy. 

The blasts took place at 3:31am and 3:42am at the two locations, both in the Eastern Province of Saudi Arabia, causing fires that were brought under control by emergency services.

The drone attacks, at the world’s largest oil processing plant at Abqaiq and at an oilfield in Khurais, highlight the importance of the international community to protect energy supply against “all terrorist sides that carry out, support and finance such cowardly disruptive acts,” the statement said.

He said that these blasts also knocked out the production of 2bn cubic feet of associated gas daily, used to produce 700,000 barrels of natural gas liquids, which will lead to an approximate 50 percent decrease of Ethane and natural gas liquids supply.

The statement said the company is currently working on restoring the lost quantities, and will present updated information within the next 48 hours.

World leaders condemned the attacks on Saudi Arabia on Saturday and those behind the terrorist acts. 

Donald Trump called Crown Prince Mohammed bin Salman to reassert his country's “readiness to cooperate with the Kingdom, by all means conducive to maintain its security and stability.”

The Crown Prince "underscored the Kingdom willingness and strength to thwart such a terrorist aggression and deal with its consequences,” SPA reported on Saturday.

The UAE said it “condemns this act of terrorism and sabotage and considers it as a new evidence of the terrorist groups’ attempts to undermine the security and stability of the region as a whole.”

“The Houthis must stop undermining Saudi Arabia’s security by threatening civilian areas and commercial infrastructure,” said the British government.

“The US strongly condemns today’s drone attacks. These attacks against critical infrastructure endanger civilians, are unacceptable, and sooner or later will result in innocent lives being lost,” said the US envoy in Riyadh John Abizaid.

US Secretary of State Mike Pompeo was emphatic about the need to condemn Iranian aggression, specifically on Saudi Arabia, and the need to ensure the security of world energy supplies.

“Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy. Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world’s energy supply. There is no evidence the attacks came from Yemen.” he tweeted, “We call on all nations to publicly and unequivocally condemn Iran’s attacks. The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression”

The Houthis, who are backed by Iran, said they had carried out the attacks and that 10 drones had been used.