Wen keen to invest more in Saudi Arabia
Source: Agencies |
January 16, 2012, Monday
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Print Edition
Print Edition
Chinese Premier Wen Jiabao yesterday urged Saudi and Chinese enterprises to expand cooperation and mutual investment.
Wen told Saudi entrepreneurs that his visit to Saudi Arabia was aimed at seeking cooperation and strengthening friendship between the two countries and he called on Saudi Arabia to open its huge oil and gas resources to expanded Chinese investment.
The Saudi kingdom is China's biggest source of imported oil, and securing energy security was high on Wen's agenda in the Saudi capital of Riyadh.
"China and Saudi Arabia are both in important stages of development, and there are broad prospects for enhancing cooperation," Wen told Crown Prince Nayef, a senior member of the Saudi government, on Saturday.
"Both sides must strive together to expand trade and cooperation, upstream and downstream, in crude oil and natural gas," said Wen, referring to access to extracting oil and gas and then processing them.
Wen also said China wanted "strong and reputable" Chinese companies to invest in Saudi Arabia's ports, railways and infrastructure.
China and Saudi Arabia should keep deepening cooperation "in the face of changeable and complicated regional and international trends," he said.
Crown Prince Nayef is King Abdullah's half brother and became heir to the throne in October.
The prince said that Saudi Arabia was willing to expand cooperation in energy and infrastructure.
China is already Saudi Arabia's biggest customer and the kingdom is keen to diversify its economic ties.
Also on Saturday, the state-run Saudi oil giant Aramco and Chinese companies finalized an initial agreement signed last year to develop a 400,000 barrels per day refinery in Yanbu, on the kingdom's Red Sea coast.
Aramco will hold a 62.5 percent stake in the joint venture and China's Sinopec will own the rest.
In the first 11 months of 2011, Saudi Arabia shipped 45.5 million tons of crude to China, an increase of 12.9 percent over the same period in 2010, according to Chinese customs data. Angola and Iran were China's second and third biggest suppliers.
Wen is also scheduled to visit the United Arab Emirates and Qatar.
Wen told Saudi entrepreneurs that his visit to Saudi Arabia was aimed at seeking cooperation and strengthening friendship between the two countries and he called on Saudi Arabia to open its huge oil and gas resources to expanded Chinese investment.
The Saudi kingdom is China's biggest source of imported oil, and securing energy security was high on Wen's agenda in the Saudi capital of Riyadh.
"China and Saudi Arabia are both in important stages of development, and there are broad prospects for enhancing cooperation," Wen told Crown Prince Nayef, a senior member of the Saudi government, on Saturday.
"Both sides must strive together to expand trade and cooperation, upstream and downstream, in crude oil and natural gas," said Wen, referring to access to extracting oil and gas and then processing them.
Wen also said China wanted "strong and reputable" Chinese companies to invest in Saudi Arabia's ports, railways and infrastructure.
China and Saudi Arabia should keep deepening cooperation "in the face of changeable and complicated regional and international trends," he said.
Crown Prince Nayef is King Abdullah's half brother and became heir to the throne in October.
The prince said that Saudi Arabia was willing to expand cooperation in energy and infrastructure.
China is already Saudi Arabia's biggest customer and the kingdom is keen to diversify its economic ties.
Also on Saturday, the state-run Saudi oil giant Aramco and Chinese companies finalized an initial agreement signed last year to develop a 400,000 barrels per day refinery in Yanbu, on the kingdom's Red Sea coast.
Aramco will hold a 62.5 percent stake in the joint venture and China's Sinopec will own the rest.
In the first 11 months of 2011, Saudi Arabia shipped 45.5 million tons of crude to China, an increase of 12.9 percent over the same period in 2010, according to Chinese customs data. Angola and Iran were China's second and third biggest suppliers.
Wen is also scheduled to visit the United Arab Emirates and Qatar.
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