Saudi’s sweeten China Silk Road alliance with $65bn deal

Saudi’s sweeten China Silk Road alliance with $65bn deal
China's President Xi Jinping and Saudi King Salman bin Abdulaziz Al-Saud attend a welcoming ceremony at the Great Hall of the People in Beijing, China, March 16, 2017. REUTERS/Thomas Peter

On Thursday Saudi Arabia’s King visited Beijing to sign an assortment of deals valued at $65 billion 

(WASHINGTON, DC) Saudi Arabia's King Salman started a month-long Asian tour with a visit to Beijing, where the two countries signed a broad range of deals potentially worth $65 billion.

According to Chinese Deputy Foreign Minister Zhang Ming, they agreed on memorandums of understanding, involving everything from energy to space.

"President Xi Jinping and King Salman are old friends," Zhang said as cited by Reuters. "Practical cooperation between China and Saudi Arabia has already made major achievements, and has huge potential."

King Salman's visit comes as Riyadh aims to promote investment opportunities in the kingdom, including the sale of a stake in state-owned oil giant Saudi Aramco.

Asian countries are vital importers of Saudi oil, and the country wants to boost sales to China.

Last year, Saudi Arabia lost its position to Russia as the biggest crude exporter to China. Oil exports from Russia to China have more than doubled over the past six years, up 550,000 barrels a day.

"President Xi Jinping and King Salman are old friends," Zhang said as cited by Reuters. "Practical cooperation between China and Saudi Arabia has already made major achievements, and has huge potential."

King Salman's visit comes as Riyadh aims to promote investment opportunities in the kingdom, including the sale of a stake in state-owned oil giant Saudi Aramco.

RT copy, TRUNEWS analysis

Please contact TRUNEWS correspondent Edward Szall with any news tips related to this story.
Email: Edward.Szall@trunews.com | Twitter: @realEdwardSzall 
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