Kingdom signs accords with China
Saudi Arabia and China have signed a series of agreements to increase trade and political relations, particularly in the areas of oil and gas supply, and mineral production. The five accords were signed during a visit of Custodian of the Two Holy Mosques King Abdullah to Beijing, where he held talks with the Chinese President Hu Jintao. The Saudi Foreign Minister Prince Saud Al-Faisal stressed before the signing ceremonies the focus of interest for both nations. “China is one of the most important markets for oil and Saudi oil is one of the most important sources of energy for China,” he said. He added that the energy deal would set the framework for specific energy investments, but agreements on the projects would have to be signed between the two countries’ oil companies. He indicated specific agreements would soon be signed. Chinese Foreign Minister Li Zhaoxing also said that agreements would be implemented shortly. “There is a great deal of understanding between the two countries on all issues including the Middle East, Iraq and the Iranian nuclear program,” he emphasized. President Hu Jintao has accepted an invitation from King Abdullah to visit Saudi Arabia, reported the English language newspaper Arab News. King Abdullah is scheduled to leave Beijing today for New Delhi, where he will be a principle guest at India’s Republic Day celebrations on Thursday. He is the first Saudi king to visit India in 50 years. He will visit Malaysia from 29 January and Pakistan from 1 February. A large group of prominent Saudi businessmen is traveling with him. “This will write a new chapter of friendly cooperation between China and Saudi Arabia in a new century,” President Hu Jintao said. “You are the first Saudi king to come to China; this visit is also your first overseas visit since you became king, and China is the first stop on this (four-nation) trip,” Hu told King Abdullah before the leaders began their private talks. “These three firsts show fully that your majesty places great importance on developing relations between our two countries,” he said. China’s oil demand has been increasing by about 15 percent annually. It imported a record 130 million tons of crude last year, up 3.3 percent from 2004, after earlier growth of more than 30 percent a year. Oil imports from Saudi Arabia rose from 8.8 million tons in 2001 to more than 20 million tons last year, according to published official figures. Picture shows King Abdullah with President Hu Jintao, yesterday. Links:
