China, Saudi Arabia ink deals worth about $65 billion

Posted on:17 Mar 2017 09:56:25
China, Saudi Arabia ink deals worth about $65 billion
17 March 2017 Current Affairs: China and Saudi Arabia officials on March 17, 2017 have signed Memorandums of Understanding(MoU) and Letters of Intent(LoI) potentially worth about $65 billion during Saudi King Salman’s visit to China.

This was announced by Zhang Ming, Deputy Chinese Foreign Minister

To promote investment opportunities in the kingdom

The agreements seeks co-operations in the field of investment, energy, space and other areas.

Highlights of MoU :

For Saudi Arabian Oil Company Saudi Aramco, the potential investments fit with its strategy to expand its refining and chemicals portfolio

Norinco will look into building refining and chemical projects in China

Saudi Basic Industries Corp (SABIC) and Sinopec have agreed to develop petrochemical projects in China and Saudi Arabia.

 

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