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Sino-Saudi synergy to create huge opportunities, says Aramco chief

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Author: Arab NewsMon, 2017-03-20ID: 1489950340647706300BEIJING: The long-standing ties between Saudi Arabia and China can be further amplified with a host of new business and economic opportunities ranging from energy collaboration, knowledge and technology transfer, as well as innovation-driven industries, said Amin Nasser, Saudi Aramco president and chief executive officer.He was speaking at the China Development Forum (CDF) 2017 in Beijing on Sunday, according to a statement issued to the media. Highlighting various opportunities for mutual growth, Nasser said that Saudi Arabia provides China’s defining strategic economic initiatives with an ideal platform for prosperous trade between the Middle East and Asia, providing the vital trade link to other regions surrounding the two. “Chinese companies can benefit from the Kingdom’s strategic location on the Maritime Silk Road by establishing manufacturing and logistical bases. From there, they can easily access large markets in the Middle East North Africa (MENA) region, all the way up to Europe and they can also easily access the Kingdom’s vast energy resources and supply of petrochemicals,” he said.The Saudi Aramco chief also signed of two memoranda of understanding (MOUs) with China North Industries Corporation (Norinco Group) and Aerosun Corporation. The MoU with Norinco enables further strategic cooperation and downstream investment opportunities in China, which include the development of a refinery and chemical facilities. The MoU with Aerosun involves manufacturing of reinforced thermoplastic (RTP) pipe as well as research and development.
Main category: Business & Economy

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