Saudi Energy Minister Prince Abdulaziz bin Salman said joint Saudi Chinese investments would be announced soon, noting that the Kingdom is open to working with all countries, including the US and China.
During his participation in the 10th Arab-China Business Conference in Riyadh, Prince Abdulaziz added that Saudi Arabia ignores criticism over its growing ties with China.
"I ignore it because ... as a businessperson ... now you will go where opportunity comes your way," he asserted.
The Minister explained that "oil demand in China is still growing, so of course, we must capture some of that demand."
He said there are synergies between the two countries, as the Kingdom is progressing steadily with its Vision 2030 plan while China is pursuing its Belt and Road Initiative.
He stressed that his Ministry seeks partnerships with partners who want to invest in the Kingdom, adding that there are ambitions to export electricity and clean hydrogen.
He indicated that Saudi Arabia works with Europe, the US, China, and Korea and wants to export electricity to India.
Formation of partnerships
Prince Abdulaziz pointed out that there are many available global opportunities.
He likened business transactions to a pot that did not need to be divided among countries, saying Saudi Arabia "will go where opportunities come [its] way."
"There is nothing political about it. There is nothing strategical about it," he said, adding that Saudi Arabia is an open country that works with all nations, including the United States, China, Korea, India, and many African countries.
Forecasting prices
The Minister confirmed that oil markets couldn't be predicted and that he does not have a "magic wand" to predict oil prices, adding that OPEC+ members are working to maintain the stability of energy prices globally.
He explained that the geographical position of Saudi Arabia enables it to reach out to many parties and be engaged and involved with everybody.
The two-day 10th Arab-China Business Conference kicked off in Riyadh on Sunday.
Held under the theme of "Collaborating for Prosperity," the conference brings together more than 3,000 government officials and business leaders from China and several Arab nations to discuss mutually beneficial cooperation in economy, trade, and investment.
It is jointly organized with the Union of Arab Chambers, the Arab League, and the China Council for the Promotion of International Trade (CCPIT).
Uncertainty
Prince Abdulaziz confirmed that the recent OPEC+ agreement included comprehensive reform, while the alliance is working against "uncertainties and sentiment" within the market.
"This is why we had this agreement," he added when asked what he considered necessary to achieve market stability.
He stated that while the current market gave some signals, future predictions stated otherwise, meaning the OPEC+ alliance must remain ready.
Saudi Arabia, OPEC's largest exporter, announced a voluntary production cut of one million barrels per day in July during the OPEC+ meeting in Vienna last week.
The Minister said the new OPEC+ agreement would reward those investing to increase their production capacity.
