Riyadh: Saudi Arabia and China released a joint statement following Xi Jinping’s visit to the Gulf kingdom praising Saudi’s role in stabilizing global oil markets and promising future energy cooperation.
China “welcomed the Kingdom’s role as a supporter of the balance and stability in the world oil markets, and as a reliable major exporter of crude oil to China,” the statement said in part. China is the world’s largest importer of oil.
Xi also extended an invite to Saudi King Salman bin Abdulaziz to visit China, the Saudi state TV network al-Ekhbariya reported.
After the visit, energy giant Saudi Aramco announced that it would be collaborating with Shandong Energy on downstream projects in China, including potential collaboration on integrated refining of petrochemical products and other opportunities.
Shandong Energy said it lent its support to Aramco in the development of cooperation across hydrogen, renewables and carbon capture technologies.
The two companies also signed a memorandum of understanding with a potential crude oil supply agreement as well as a chemicals products offtake agreement.
China is the world’s biggest oil importer.
The visit is also being watched closely beyond the Middle East and Asia for signs of Saudi rapprochement with China.
On Wednesday, the White House rebuked Xi for making the trip to one of Washington’s traditional allies.
“The influence that China is trying to grow around the world,” is “not conducive to preserving the international rules-based order,” the White House said.
