China regarded as important market for Saudi Arabia's growing petrochemical industry

12-May-08

China is increasingly becoming an important market for Saudi Arabia's growing petrochemical industry, according to CEO of Saudi Basic Industries Corporation (Sabic). Saudi Arabia's large hydrocarbon resources make the Kingdom a "natural strategic trading partner" for China's dynamic industrial and economic growth. China's rapidly growing population provides important markets for Saudi Arabia. Saudi Arabia is the No. 1 supplier of crude oil to China, providing some 528,000 bpd in 2007. Since 2000, the Chinese economy has doubled in size in real terms, recording real growth rates of 10-11% in most years. Adjusting for relative purchasing power, the According to the International Monetary Fund Chinese economy is now about half the size of the US economy and more than 50% bigger than Japan's.