China reaffirms Riyadh’s role in global oil market stability

TDT | Manama                    

The Daily Tribune – www.newsofbahrain.com  

China and Saudi Arabia yesterday reaffirmed the significance of global oil market stability and Riyadh’s role in maintaining it, a joint statement said yesterday, as Saudi Prince Mohammed heralded GCC- China summits as a “historic new phase of relations with China”.

“The People’s Republic of 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 joint statement carried on Saudi state media said. It said the two sides would explore investment opportunities in petrochemicals and enhance cooperation in renewable energy, including nuclear, and develop projects for energy supply chains, efficiency and advanced technology.

They also agreed on the need to “strengthen joint cooperation to ensure the peaceful nature of Iran’s nuclear programme” and for Tehran to respect “principles of good-neighbourliness”. The joint statement also stressed commitment to enhancing cooperation and principles of sovereignty and “non-interference”, while affirming the importance of a peaceful solution to the Ukraine conflict.

Riyadh also voiced support for Beijing’s “One China” policy on the issue of Taiwan. Xi invited King Salman to visit China, Saudi state television reported. Later, Saudi Aramco and China’s Shandong Energy signed a memorandum of understanding that included a potential crude supply agreement and chemicals products offtake deal.

It added that the two firms were exploring collaboration on integrated refining and petrochemicals in China. The joint statement touched on enhancing the kingdom as a regional centre for Chinese firms in producing and exporting energy sector products. It also raised the prospect of joint investment in energy projects in the region and “energy-consuming countries in Europe and Africa”.