Saudi Arabia signed a number of agreements and memorandums of understanding with China on Friday in the oil, petrochemical, mining, electricity, ceramic, port and other industries.
The agreements were concluded in Crown Prince Mohammad bin Salman bin Abdulaziz’s last stop in his Asian tour, which ended in China.
His visit, along with the number of agreements and MoUs signed, underscore the importance of the extended and renewable Saudi-Chinese strategic relations.
It also sheds light on the efforts put forth by officials from both countries to achieve convergence between the Kingdom's Vision 2030 and China’s Belt and Road Initiative and deepen cooperation in all fields in order to attain greater concrete results within the strategic partnership through the China-Saudi Arabia High-Level Joint Committee.
In addition to that, the visit proves the Kingdom as a global reliable source of oil and confirms its quest for greater facilities for Saudi investments in refining, marketing, retail, and petrochemical products in the Chinese markets and cooperation in the petrochemical, mining and infrastructure sectors in the Kingdom.
The Saudi Ministry of Energy, Industry and Mineral Resources signed a cooperation agreement with China's Wyson Company to produce petroleum petrochemicals in the Kingdom. The $5.6 billion worth project will be implemented in cooperation with the Ministry of Energy and Industrial Clusters.
Another agreement was signed with Shanxi Sunway International Trade Co to discuss the possibility of establishing a $ 2.4 billion cluster to manufacture biotin and its derivatives and pharmaceutical materials in the Kingdom.
The Ministry also signed a cooperation agreement to implement the second phase of Pan Asia project, aimed at increasing the production of Terephthalic acid and Polyethylene terephthalate from the first phase in the Kingdom, with an investment worth SR1.5 billion.
A cooperation agreement was also signed between the Saudi Organization for Industrial Estates and Technology Zones (Modon) with TEDA Investment Holding Co. in Tianjin to attract direct manufacturing industries in Dammam's third Industrial City with an investment worth one billion dollars.
