Saudi Arabia and China signed a memorandum of understanding (MoU) focusing on investment cooperation which is valued at USD65 bn and forms part of Saudi Arabia’s Vision 2030 programme to diversify away from the oil and gas sector.
China sees Saudi Arabia as a key regional hub in its ambitious ‘One Belt, One Road’ programme, and the agreement aims to boost joint efforts in fields including energy, investment, finance, culture and aerospace. The deal involved some 35 projects.
Saudi Arabia is China’s second-largest supplier of crude oil, having been overtaken by Russia last year, and the kingdom’s state-owned oil producer, Saudi Aramco, is a partner with state-owned China Petroleum & Chemical Corp. The two operate a refinery in Fujian province along with other Chinese projects.
– The CapProCon e-newsletter contains in excess of 50 new capital project awards and developments, distributed every Monday. Subscribe today to stay up-to-date with engineering, procurement and construction news from the mining, oil and gas, power generation, civil and industrial infrastructure sectors –