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FACTBOX-Saudi Arabia, China sign deals worth potentially $65 bln
March 16, 2017 / 5:41 PM / 5 months ago

FACTBOX-Saudi Arabia, China sign deals worth potentially $65 bln

KHOBAR, Saudi Arabia, March 16 (Reuters) - Saudi Arabia's King Salman oversaw the signing of deals worth as much as $65 billion on the first day of a visit to Beijing on Thursday, as the world's largest oil exporter looks to cement ties with the world's second-largest economy.

The agreements include deals for infrastructure, refining, chemicals, training, technology and other sectors:

- Saudi Aramco and Norinco Group signed a memorandum of understanding (MoU) to develop a refinery and chemical facilities in Panjin City.

- Saudi Aramco and Aerosun Corp signed an MoU to manufacture reinforced thermoplastic pipe and components.

- The Saudi Fund for Development signed an agreement with China Export & Credit Insurance Corporation to cooperate in providing finance and guarantee of exports.

- King Abdulaziz City for Science and Technology and China's CASA signed an agreement to manufacture drones.

- SABIC and Sinopec signed an agreement to study opportunities for joint projects in Saudi Arabia and China.

- Saudi's SAGIA investment authority awarded licenses to telecommunications equipment supplier ZTE to build smart metres and Shandong Tiejun Electric to carry out electrical and industrial activities.

- Saudi's Royal Commission for Jubail and Yanbu signed an agreement with PAN-ASIA to assign the location for a petchem project with $2 billion investments.

- China's Huawei will build a centre for training in Yanbu.

Saudi companies also signed agreements with Chinese developers in areas including information technology and renewable energy.

Sources: Saudi Press Agency, Saudi Energy Ministry Twitter feed Compiled by Reem Shamseddine, Katie Paul and Marwa Rashad

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