Saudi Arabia and China Sign Several Agreements

IAS Prelims 2023

Saudi Arabian King Salman visited China to deepen economic ties between the world’s biggest oil exporter and the world’s second-largest oil consumer.

China and Saudi Arabia signed memorandums of understanding and letters of intent potentially worth about $65 billion.

During his meetings with Chinese President Xi Jinping, King Salman oversaw the signing of up to $65 billion worth of economic and trade deals, spanning sectors from energy to space, though the Chinese government disclosed few specifics.

Saudi Arabia and China also deepened their energy relationship with more than 20 agreements on oil investments and in renewable energy.

China even discussed taking a stake in Saudi Aramco, the state-owned oil firm, which is preparing for a public listing.

Saudi Arabia has sought to boost oil sales to China, the world’s second-largest oil market, after losing market share to Russia last year, by working mostly with China’s top three state oil firms.