Saudi Arabia considers boosting energy cooperation with China, after discussions took place between China’s Vice Premier, Zhang Gaoli, and other officials in Beijing during a G20 ministerial meeting. According to Saudi Gazette, Oil Minister, Khalid El-Falih said: “Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level.”

El Falih expressed interest in boosting bilateral trade cooperation in energy and hydrocarbon products and hoped that Saudi investments would cover all Chinese provinces. He also said that he wanted to see new investment projects carried out by Saudi and Chinese sovereign wealth funds and added that the two countries shared interest in crude oil storage, mining, renewable energy, and industrial development, Financial Tribune wrote.

In the end of May, Saudi Arabia’s giant petrochemical corporation, SABIC, inked a deal with Chinese Shenhua Ningxia Coal Industry Group to build a petrochemical complex in China, in efforts to maintain the kingdom’s ongoing strategy to diversify its operations geographically.