China-Saudi deals worth billions

China-Saudi deals worth billions

Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russian Federation past year, by working mostly with China's top three state oil firms.

Next week Israeli Prime Minister Benjamin Netanyahu visits China.

King Salman's visit comes as Riyadh aims to promote investment opportunities in the kingdom, including the sale of a stake in state-owned oil giant Saudi Aramco.

Saudi Arabia may become a leading auto manufacturer if the kingdom's new agency can demonstrate the feasibility of producing vehicles and parts for one of the world's largest auto companies.

The agreements between Saudi Arabia and China will cover a variety of issues, ranging from energy to space technology.

The government of Maldives announced the postponement of the Saudi king's visit in an emergency press conference held at the President's Office on Friday morning. Xi visited both Saudi Arabia and Iran in January a year ago.

It is expected to witness the signature of agreements in five fields (political, economic, education, humanitarian and cultural), given that the deals comply with the Saudi Vision 2030 and the One Belt, One Road initiative (OBOR).

- Saudi Aramco and Norinco Group signed a memorandum of understanding (MoU) to develop a refinery and chemical facilities in Panjin City.

It was a big hit for Saudi's oil-based economy.

China had long taken a backseat to disputes in the Middle East but especially with the United States' global diplomatic stance under President Donald Trump unclear, Xi started taking a new approach with steps that include hosting talks between the opposing parties in the Syrian conflict. The two already have a joint project - a refinery in Tianjin in northeastern China.

The Saudi king is on a state visit to China from Wednesday to Saturday, and some portions of his trip overlap with a visit from U.S. Secretary of State Rex Tillerson.



Latest news

42 dead in air attack on refugee boat near Yemen
Some 85 Emirati soldiers have been killed since the beginning of Saudi Arabia's military campaign against Yemen two years ago. A sailor who had been operating the boat, Ibrahim Ali Zeyad, said 80 refugees had been rescued after the incident.

Residents rescued as heavy flooding strikes Peru
They held on to each other's hands, but Chamorro eventually lost hold and got separated. The heavy rains killed at least 12 people in Peru, the Associated Press reported.

Google's new algorithm shrinks JPEG files by 35 percent
Presumably Google are considering optimisations and rational solutions to speed up Guetzli's compression speed performance. Tests carried out by Google revealed that users preferred the images Guetzli produced compared to other JPEG encoders.

Florida State holds off FGCU to advance in NCAA Tournament
Coach Leonard Hamilton seemed to take exception to a question about Gulf Coast having a "mystique" about them. We're long and athletic, and we dunk the ball, too". "I know the difference between good and great".

Other news