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05-06-23

Saudi Arabia, China embarks collaborative effort at securing energy supplies

(MENAFN) Saudi Arabia and China have embarked on a collaborative effort aimed at ensuring secure energy supplies in their respective markets. The two nations are planning to establish petrochemical joint ventures that will play a crucial role in transforming crude oil into petrochemicals and exploring innovative applications of hydrocarbons, nuclear energy, and fuel. In a meeting held in Riyadh, Saudi Minister of Energy Abdulaziz Al-Saud and the chairman of China's National Energy Authority, Zhang Jianhua, discussed the potential of these joint ventures and explored avenues to enhance collaboration across various aspects of the energy sector's supply chains.

The discussions between Al-Saud and Zhang also focused on strengthening ties between Saudi Arabia and China in multiple energy domains. Both countries aim to align their efforts with the objectives outlined in Saudi Vision 2030 and China's Belt and Road Initiative. The mutual cooperation in these areas is expected to drive economic growth, promote trade and investment, and foster innovation and sustainability in the energy sector.

Looking ahead, Saudi Arabia is preparing to host two significant events, namely the 10th session of the Arab-Chinese Business Conference and the eighth Investment Symposium. Scheduled to take place in Riyadh from June 11 to 12, these gatherings are poised to be the largest Arab-Chinese gatherings focused on business and investment. With over 2,000 participants, including high-level government representatives, senior officials, CEOs, investors, and entrepreneurs, the conferences aim to foster collaboration and seek solutions of mutual interest between Arab nations and China. The events, organized by the Saudi Ministry of Investment and Ministry of Foreign Affairs in partnership with the Chinese Council for the Promotion of International Trade and various government agencies, carry the theme of "Collaborating for Prosperity."

The overarching goal of this collaboration is to enhance cooperation in the economy, trade, and investment sectors, with a focus on strategic collaboration that benefits both Arab nations and China. By leveraging their respective strengths and resources, Saudi Arabia and China seek to build enduring partnerships that drive prosperity and mutual development.
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