Saudi Arabian King Salman finished his tour in China during which he signed a number of agreements worth $65b in the first day of his visit, reported Saudi Daily Record.
The oil agreements between the two countries included a deal between Saudi Aramco and China North Industries Group Corporation to develop refining and chemical plants in China, and a deal between Saudi Basic Industries Corporation and China’s Sinopec to improve petrochemical projects in China and Saudi Arabia, reported Asia Times.
Moreover, Saudi Aramco signed an agreement with Aerosun Corporation to establish reinforced thermoplastic pipes and components.
The Kingdom further signed a number of memorandums of understanding (MoUs) with China. The companies of the two countries established 21 contracts in fields varying from exploring investments in oil and petrochemical plants to e-commerce and cooperating in renewable-energy markets.
The Kingdom was eying to increase its exports to China after losing the market shares in Russia because of a $400b energy deal between China and Russia.