Energy, trade deals inked
(AFP/chinadaily.com.cn)
Updated: 2006-04-23 09:27
RIYADH - China and Saudi Arabia signed energy and trade deals on the
first day of a visit by President Hu Jintao to the oil-rich kingdom
focusing on economic and energy cooperation.
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| President Hu
Jintao and Emir Saud al-Thn are at a welcoming ceremony in Riyadh
April 22, 2006. [Xinhua] |
| Hu also discussed a proposed
5.2-billion-dollar energy venture in China with officials of Saudi petrochemical
giant SABIC.
Hu's visit, which will take him to the headquarters of state oil conglomerate
Saudi Aramco, comes just three months after Saudi King Abdullah went to China.
The trip underlines the fast growing ties between the two countries as
Beijing looks for oil to fuel its growth and Riyadh forges partnerships with
Asian powers.
Hu and Abdullah presided over the signing of a series of cooperation
agreements following the Chinese president's arrival Saturday from the United
States.
"They included a framework cooperation agreement in the energy field between
Sinopec and Saudi Aramco," a Chinese official said.
The deal provides for strengthened cooperation in gas exploration and
possible cooperation in oil exploration between China's Sinopec and Aramco, the
official said.
Sinopec is already drilling for gas in the Saudi desert and building a
refinery with Aramco in the Chinese province of Fujian. Another joint refinery
venture is planned in Qingdao city.
The two sides also signed a security agreement and accords on cooperation in
health and youth affairs, the official said.
The Saudi state SPA news agency reported that the two sides also inked a
"contract on defense systems."No details on the contract were immediately
available.
Hu discussed a proposed Saudi-Chinese venture to build a refinery and
petrochemical complex in China with officials of the Saudi Basic Industries
Corporation, SABIC chairman Prince Saud bin Abdullah bin Thunayan al-Saud told
reporters.
Under the proposed venture, valued at 5.2 billion dollars, SABIC would build
the petrochemical complex while its Chinese partner, Dalian Shide, would build
the refinery, Saud said.
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