China and Saudi Arabia reaffirmed the significance of global oil market stability and Riyadh's role in maintaining it, a joint statement said on Friday during Chinese President Xi Jinping's visit to the kingdom, the world's biggest oil exporter.
Saudi Crown Prince Mohammed Bin Salman meets with Chinese President Xi Jinping in Riyadh, Saudi Arabia December 8, 2022.
"The People's Republic of China welcomed the Kingdom’s role as a supporter of the balance and stability in the world oil markets, and as a reliable major exporter of crude oil to China," the joint statement carried on Saudi state media said. Saudi Aramco <222.SE) and China's Shandong Energy signed a memorandum of understanding that included a potential crude supply agreement and chemicals products offtake deal, Aramco said on Friday.
When Xi first arrived in the kingdom, Saudi Arabia's energy minister said Riyadh and Beijing would seek to boost cooperation in energy supply chains by establishing a regional centre in the Gulf state for Chinese factories.
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