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Nation signs oil deal with Saudis
By Qin Jize (China Daily)
Updated: 2006-01-24 05:59
China and Saudi Arabia signed five agreements yesterday, including one on
increased co-operation in oil, natural gas and mineral deposits.
The deals were signed during a visit by Saudi King Abdullah bin Abdul-Aziz,
82, who arrived in Beijing on Sunday on his first official overseas tour since
taking the throne in August.
Specifics of the oil deal were not immediately available.
The four other pacts covered a wide range of fields such as trade, loans and
avoidance of double taxation.
President Hu Jintao and the king oversaw the signing of the deals after an
hour's meeting at the Great Hall of the People. Both sides promised to take
advantage of their growing oil business to further develop a broader economic
and diplomatic partnership.
"China is willing to improve the dialogue and the method of co-operation on
energy with Saudi Arabia to raise the level of energy co-operation," Hu said,
adding that closer co-operation in the fields of infrastructure construction and
telecommunication is also under way.
Saudi Arabia is China's largest trading partner in the region comprising the
Middle East and northern Africa.
Saudi Foreign Minister Prince Saud al-Faisal told reporters before the
welcoming ceremony that China is one of the most important markets for Saudi
oil.
Currently, the country supplies 14 per cent of China's oil imports, or
450,000 barrels a day. In the first 11 months of last year, China imported
around 20.01 million tons of crude oil from Saudi Arabia.
The prince said the energy deal will set a framework for investment, but
actual deals would have to come from companies. He added that extensive contacts
exist between companies from both sides.
Abdullah's visit is the first tour of a Saudi king to China since the two
countries established diplomatic relations in 1990. The visit has showed Saudi
Arabia's emphasis on strengthening ties with China, Hu said.
The king is scheduled to meet top legislator Wu Bangguo and Premier Wen
Jiabao today before heading for New Delhi.
(China Daily 01/24/2006 page1)
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