Saudi Arabia mulls expansion of investments in China's energy industry

04-Jul-16

Saudi Arabia wants to expand its investments in China's energy industry, as part of the world's top oil exporter's efforts to boost cooperation with a top customer.
The Kingdom's Energy Minister Khalid al-Falih said, "Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level." He hoped Saudi investments could increase to cover all Chinese provinces and that there was room to grow bilateral trade in both energy and other hydrocarbons products such as petrochemicals. Falih also said 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.