Al-Falih: $60bn worth of joint projects between Saudi Arabia, China

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih exchanges documents with a Chinese official on Thursday. (SPA)
Updated 25 August 2017

Al-Falih: $60bn worth of joint projects between Saudi Arabia, China

JEDDAH: Signed agreements between Saudi Arabia and China are worth more than $60 billion, said Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
He declared the establishment of a joint company between the Royal Commission for Jubail and Yanbu, Saudi Aramco and a Chinese company in Jizan region. It will be the biggest developed platform between the two countries, with the aim of attracting Chinese investments in various industrial sectors in Jizan.
“Saudi Arabia aspires to be the biggest investor in the sector of refining petrochemicals in the Chinese market, and there will be a big development in this field,” said Al-Falih.
“There is a strategic partnership between the two countries that was launched since the visit of the Chinese president to Saudi Arabia, followed by the visit of Crown Prince Mohammed bin Salman.”
Chinese Vice Premier Zhang Gaoli on Wednesday held a meeting with Saudi businessmen representing various economic, industrial and investment sectors, in the presence of Al-Falih. The meeting was held to boost joint investment opportunities between the two countries.
Jeddah on Thursday hosted the Saudi-Chinese Forum, organized by the Ministry of Energy, Industry and Mineral Resources with the involvement of the Ministry of Commerce and Investment, the Council of Saudi Chambers, and Saudi and Chinese businessmen.
The forum discussed ways to promote commercial exchanges, and inviting the business sector to benefit from investment opportunities in both countries.
Bilateral commercial trade reached $49 billion in 2015.


Saudi Arabia delays May crude prices until after OPEC+ meeting

Updated 57 min 46 sec ago

Saudi Arabia delays May crude prices until after OPEC+ meeting

  • OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut

DUBAI: Saudi Aramco will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on Sunday.
"It is an unprecedented measure that has not been taken by Aramco before. May OSPs will depend on how the OPEC+ meeting concludes. We are doing what we can to make it successful, including taking this extraordinary step to delay the OSPs," the Saudi source said.
Saudi Aramco typically issues its OSPs by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.
OPEC and allies are due to meet on Thursday to discuss a possible new global crude supply cut to end a price war between Saudi Arabia and Russia which has prompted US President Donald Trump to intervene.
The Saudi source said that Riyadh wants to avoid a repeat of the outcome of a March meeting where oil talks collapsed between OPEC and allies "due to Russia's lack of cooperation with the rest of OPEC+ participants".
Coordinated cuts between OPEC members and others led by Russia expired on March 31 having helped support crude prices since they began in January 2017.
The OPEC+ meeting was initially due for Monday, but was postponed to April 9 "to allow for more time to reach out to all producers including OPEC+ and others," the Saudi source said.