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Chinas Hu visits oil kingpin Saudi Arabia
RIYADH - Chinese President Hu Jintao arrived on Tuesday in OPEC powerhouse Saudi Arabia for a visit aimed at securing more energy supplies for the worlds most populous nation. Hu landed in Riyadh with a large entourage of Chinese officials and executives, underscoring the growing importance of the relationship between the worlds biggest oil exporter and its most populous country.The trip, Hus second to the desert kingdom, highlights Chinas focus on securing energy, petrochemicals and other mineral resources that power its massive manufacturing sector. Chinese foreign ministry spokeswoman Jiang Yu said Beijing was interested in strengthening energy ties with Saudi Arabia, which has the largest oil reserves in the world. Saudi Arabia is the biggest oil exporter to China. We value the role it plays and look forward to strengthening cooperation in this field, Jiang said. Trade with Saudi Arabia has more than doubled since 2005, rising 65 percent last year alone to reach 41.8 billion dollars, as China has bought increasing amounts of oil and gas. While Hu and Saudi King Abdullah are expected to sign several accords on trade and other cooperation, Chinas imports of Saudi oil products will remain the core of the relationship, the Chinese embassy in Riyadh said. According to news reports, Chinese oil processing giant Sinopec could ink agreements with the Saudi state oil company Aramco on participating in the construction of two Saudi refineries. Posted by: Steve White 2009-02-11 |
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