energy main axis in saudichinese relations
Last Updated : GMT 05:21:58
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Last Updated : GMT 05:21:58
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Energy main axis in Saudi-Chinese relations

Arab Today, arab today

Arab Today, arab today Energy main axis in Saudi-Chinese relations

bilateral cooperation, has solidified since the establishment of diplomatic relations between the Kingdom and China
Jeddah - Arab Today

A friendship, which has deepened and strengthened, coupled with integrative bilateral cooperation, has solidified since the establishment of diplomatic relations between the Kingdom and China, leading the Kingdom to become the largest trading partner for China in the Middle East and North Africa region for the 13th consecutive year, while China has become the largest destination for direct Saudi foreign investment.
During the past 20 years, Saudi-Chinese energy cooperation has witnessed rapid developments. The crude oil trade between China and the Arab world began in 1993, and has grown to reach $100 billion in 2013, which consolidated the partnership between the two sides.
In recent years, the scope of cooperation in this area has expanded in light of ongoing communication and technological progress, where new ideas have been introduced such as clean energy development and decrease of carbon emissions.
At present, some Chinese companies are involved in the construction of electricity networks and the development of the photovoltaic electricity market and wind power in the Kingdom and other Arab countries, which provide a model for cooperation among developing countries.
Saudi Aramco, confirmed on several occasions, its effort toward the development of investments in the energy and economic sectors, which bring attractive returns that enhance the economics of the Kingdom with its partners and China to achieve the two governments’ plans, which aim to double the size of investment cooperation and the innovative strategic partnership between major oil, petrochemical and energy companies in the two countries.
This opens a new path to achieve the aspirations and objectives in the energy and other sectors in light of the magnitude, the cohesiveness, and the joint investments existing between the two countries, and it has been met by the highest levels of support from the two countries.
The China Petrochemical Corporation Refinery supports the two allies in treating Arab heavy oil to produce gasoline, diesel and liquefied petroleum gas, and other products that include benzene, sulfur and petroleum coke.
This refinery has succeeded in pumping its supplies to the domestic and international markets through the processing of 90,000 barrels of gasoline per day, 263,000 barrels per day of low-sulfur content diesel, as well as secondary products that include 6,200 metric tons per day of petroleum coke and 1,200 metric tons per day of sulfur.

Source: Arab News

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