RIYADH: Saudi Arabia and China are collaborating to ensure safe energy supplies in their markets by planning to establish petrochemical joint ventures.
Saudi Minister of Energy Abdulaziz Al-Saud held a meeting with the chairman of the National Energy Authority of the Republic of China, Zhang Jianhua, in Riyadh to discuss JVs that will transform crude oil into petrochemicals and develop innovative uses of hydrocarbons, nuclear energy and fuel.
Both nations are working to increase collaboration in the energy sector’s supply chains.
Al-Saud and Zhang also discussed ways to boost ties between the countries in numerous energy fields, which will help achieve the goals outlined in Saudi Vision 2030 and China’s Belt and Road Initiative.
Further collaborations between both countries are anticipated as the Kingdom is set to host the 10th session of the Arab-Chinese Business Conference and the eighth Investment Symposium.
Set to take place between June 11 and 12 in Riyadh, the conference is expected to be the largest Arab-Chinese gathering for business and investment.
It will host over 2,000 participants, including high-level government representatives, senior officials, CEOs, investors and entrepreneurs.
“Collaborating for Prosperity” aims to boost cooperation in the economy, trade and investment to achieve solutions of mutual interest to Arab nations and China through strategic collaboration.
It is organized by the Kingdom’s investment and foreign affairs ministries in partnership with the Chinese Council for the Promotion of International Trade and several government agencies.
Saudi Investment Minister Khalid Al-Falih said that trade and cultural ties between Arab countries and China extended over 2,000 years and that the conference reflected that historical relationship.
He added that Saudi-Chinese relations had developed, especially following King Salman’s visit to China in 2017 and the two historic visits by Crown Prince Mohammed bin Salman to Beijing in 2016 and 2019.
Trade in 2022 between the Arab countries and China reached SR1.6 trillion ($430 billion), a 31 percent increase from the previous year.
Saudi Arabia led the way with trade between the countries reaching around SR400 billion ($106 billion), a 30 percent increase over 2021.