KHOBAR, Saudi Arabia (Reuters) - Saudi Arabia’s King Salman oversaw the signing of deals worth as much as $65 billion on the first day of a visit to Beijing on Thursday, as the world’s largest oil exporter looks to cement ties with the world’s second-largest economy.
The agreements include deals for infrastructure, refining, chemicals, training, technology and other sectors:
- Saudi Aramco [IPO-ARMO.SE] and Norinco Group [CNIGC.UL]signed a memorandum of understanding (MoU) to develop a refinery and chemical facilities in Panjin City.
- Saudi Aramco and Aerosun Corp signed an MoU to manufacture reinforced thermoplastic pipe and components.
- The Saudi Fund for Development signed an agreement with China Export & Credit Insurance Corporation to cooperate in providing finance and guarantee of exports.
- King Abdulaziz City for Science and Technology and China’s CASA signed an agreement to manufacture drones.
- SABIC and Sinopec signed an agreement to study opportunities for joint projects in Saudi Arabia and China.
- Saudi’s SAGIA investment authority awarded licenses to telecommunications equipment supplier ZTE to build smart meters and Shandong Tiejun Electric to carry out electrical and industrial activities.
- Saudi’s Royal Commission for Jubail and Yanbu signed an agreement with PAN-ASIA to assign the location for a petchem project with $2 billion investments.
- China’s Huawei will build a center for training in Yanbu.
Saudi companies also signed agreements with Chinese developers in areas including information technology and renewable energy.
(Sources: Saudi Press Agency, Saudi Energy Ministry Twitter feed)
Compiled by Reem Shamseddine, Katie Paul and Marwa Rashad