Saudi, Chinese energy leaders pledge continued cooperation
Saudi Arabia and China are seeking to strengthen their cooperation in the energy sector.
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz held a virtual meeting with China’s National Energy Administrator Zhang Jianhua on Friday. The two pledged to work together to promote bilateral energy cooperation. They specifically mentioned investment in countries that are part of China’s Belt and Road infrastructure initiative and the importance of “stabilizing” the global oil market. They also discussed renewable energy, including clean energy hydrogenthe official The Saudi Press Agency reported.
Why is this important: Energy ties between Saudi Arabia and China grow stronger at a time when US-Saudi relations are strained acidifier on oil. In March, Saudi Aramco finalized an agreement to build an oil refinery complex in China. In August, Aramco and China’s Sinopec signed a memorandum to further cooperation concerning oil, hydrogen and carbon capture.
Know more: Abdulaziz Jianhua’s discussion touched on a few important points. Saudi Arabia supported the recent OPEC+ oil production cut decision in part because of their concern about fluctuations in oil prices this year. China, on the other hand, would likely benefit from lower oil prices, as it import oil of the Kingdom.
A Saudi company signed an agreement in August to build a green hydrogen power plant in Egypt.
Several Middle Eastern States are investing in Belt and Road projects, including in Saudi Arabia, Syria, Turkey and Iran.