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Saudi Arabia strikes $10 bln China deal in further move to bolster Asia presence

Credit: Reuters Studio
Published on February 22, 2019 - Duration: 01:22s

Saudi Arabia strikes $10 bln China deal in further move to bolster Asia presence

Saudi Crown Prince Mohammed bin Salman cemented a $10 billion deal for a refining and petrochemical complex in China on Friday, meeting Chinese President Xi Jinping.

As David Pollard reports, the two countries signed agreements worth a total of $28 billion as Saudi Arabia moves to consolidate its place as a top oil power in Asia.

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Saudi Arabia strikes $10 bln China deal in further move to bolster Asia presence

Broadcasters: NO USE INDIA / NO USE PAKISTAN Digital: NO USE INDIA / NO USE PAKISTAN**~ Bilateral talks in Beijing between Xi Jinping of China and Saudi Arabia's crown prince.

Money spoke loudest: a total 28 billion dollars worth of joint accords signed during the visit.

Saudi Arabia has been trying to get itself out from under a diplomatic cloud since the killing of Saudi journalist Jamal Khashoggi, it's emerged in Asia this week on a run of new business prospects.

First Pakistan, where the kingdom pledged investment of 20 billion dollars.

Then India, to add to a 44 billion dollar refinery agreement signed in April.

(SOUNDBITE) (English) SAUDI ARAMCO'S CHIEF EXECUTIVE OFFICER, AMIN NASSER, SAYING: "India is an investment priority for Saudi Aramco.

India takes from us, almost 800,000 barrels a day.

India consumes 4.8 million barrels a day and by 2,000 and... I would say, (by) 2040, India's total consumption will be around 8.2 million barrels a day." Mohammed bin Salman said trade between China and Saudi Arabia increased by 32 per cent last year.

Aramco now agreeing to a joint venture with Chinese defence conglomerate Norinco for a refining and petrochemical complex in the northeastern city of Panjin.

The project - worth more than ten billion dollars - and its other investments could also help Saudi Arabia regain its place as the top oil exporter to China.

A position Russia has held for the last three years.

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