Saudi Arabia is moving to expand the production of petrochemicals based on Chinese techniques for converting crude oil into petrochemicals, announced Energy Minister Prince Abdulaziz bin Salman on Wednesday.
Speaking at the third forum of the Belt and Road Initiative (BRI) for International Cooperation in Beijing, the Minister said that the COVID-19 pandemic demonstrated its impact on the global economy and on the supply and value chains.
It also showed the importance of complementary work between nations and the safety, effectiveness, and feasibility of the approaches adopted by China and Saudi Arabia through the BRI and Vision 2030.
Prince Abdulaziz explained that 2022 witnessed the conclusion of the comprehensive strategic partnership agreement with China, and the alignment plan between Vision 2030 and the BRI to enhance cooperation and interconnection.
The Kingdom is a significant and reliable oil exporter to China, said the Minister, adding that Saudi Arabia is keen to maintain and enhance this relationship by boosting strategic ties.
Prince Abdulaziz explained that Riyadh and Beijing seek to enhance their cooperation in developing and sustaining supply chains and enabling companies to benefit from current and future infrastructure.
He explained that these efforts further bolster cooperation in several areas, such as the circular carbon economy and its technologies, which can effectively contribute to China’s aspirations to make the BRI a green initiative.
Saudi Arabia is determined to become one of the most important exporters of renewable energy and clean hydrogen to support the diversification of energy sources.
He pointed out that Saudi Arabia aims to become a global logistics center, recalling that by 2030, the Kingdom will have approximately 60 logistics regions to meet the needs of the worldwide supply chain.
