“China is increasingly playing an important and constructive role in regional and international affairs, which is highly appreciated by the Saudi side,” he said, according to the official Chinese news agency, Xinhua, adding that China is an important partner of Saudi Arabia.
That partnership actually got stronger over Sunday and Monday when Saudi state giant Saudi Aramco said it would take a 10% stake in Rongsheng Petrochemical Co., a giant oil complex, for roughly $3.6 billion.
“The deal significantly increases its refining presence in China, but also ties it more closely to a key demand market, ensuring it will supply 480,000 barrels a day to Rongsheng’s refinery in the eastern province of Zhejiang,” Bloomberg said in a report.
A day earlier, Aramco signed a deal to build a huge refining and petrochemical complex for the world’s biggest oil importer in the northeastern province of Liaoning.
The two deals together would see Aramco supplying the two Chinese companies with a combined 690,000 barrels a day of crude oil, bolstering its rank as China’s top provider of the commodity, Reuters reported.
Source- Hindustan Times.