China-Saudi Arabia deals in the making

China

BEIJING, March 16, 2017 – Saudi King Salman bin Abdulaziz Al Saud’s visit to China has resulted in several agreements on investment and energy co-operation, a Chinese official said on Thursday.

The letters of intent and memorandums of understanding are possibly worth as much as USD 65 billion, according to Deputy Chinese Foreign Minister Zhang Ming, who declined to elaborate on the deals.

Speaking on the condition of anonymity, other local officials on Thursday said that talks between China and Saudi Arabia had centred on Chinese investment in the planned Saudi Aramco IPO.

Sources familiar with the discussions told Bloomberg that China National Petroleum Corporation and China Investment Corporation had signalled an interest in taking part, with the latter tapped to becoming the country’s main investor in the IPO.

Photo: AFP

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