Sunday , August 14 2022

Mohammed bin Salman looks to strengthen cooperation in Beijing



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Saudi Mohammed bin Crown Salmon arrived to Beijing yesterday as part of an Asian tour with the aim of promoting cooperation and economic partnerships as Beijing seeks to strengthen relations with Saudi Arabia.

The Prince of Saudi crown will meet President of China Xi Jinping during his two-day visit to Beijing after two stays in Pakistan and India.

The Chinese Ministry of Foreign Affairs said the "One Way One Belt" initiative will be on the agenda and negotiations as both countries seek to strengthen their economic relations.

The delegation in Saudi included senior officers of Aramco. "Saudi Arabia has a lot of capital and needs to be used in profitable areas," said Khalid bin Abdul Aziz al-Faleh, energy minister, industry and mineral wealth of Saudi Arabia, at the China New News Agency. "China is a great place to invest with a large market," he said.

Informable sources say that Aramco intends to sign initial investment agreements in two refinery for oil and petrochemicals in China during the visit. Aramco, the world's largest oil exporter, will sign a memorandum of understanding to build a refining and petrochemical project in northeastern China Liaoning Province in a joint venture with Norinco, a Chinese defender, said three well-known sources.

Two sources that are familiar with the bargain specifically say that Aramco is expected to formalize an earlier plan to obtain a minority share in Zhejiang Petrocemicals, which is managed by the Zhejiang Rongxing Group, a private group specializing in chemicals. Zhejiang Rongsheng deserves a refinery and petrochemical complex in eastern China Zhejiang province. Saudi Arabia is preparing to boost the share of the market by signing supplying Chinese supplying agreements.

The agreement puts control of Zhejiang Aramco of the nine percent stake in the project, run by the provincial government of Zhejiang. The agreement comes after a previous memorandum of understanding signed by Aramco in October to invest in the Zhejiang project, and is intended to be a refinery that treats 400,000 barrels a day of raw petrochemical facilities and associated neurology in Zhoushan City, i of Shanghai.

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