Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday that relations between Saudi Arabia and China are witnessing a paradigm shift, which reflects the keenness of both countries’ leaderships to develop them.
Prince Abdulaziz said both sides seek to bolster cooperation in the energy supply chains by establishing a regional center in Saudi Arabia for Chinese factories to benefit from its distinguished location that links three continents.
The minister spoke as the Chinese leader visited the Kingdom.
In remarks to the Saudi Press Agency SPA about holding the Saudi-Chinese Summit in Riyadh, Prince Abdulaziz said Riyadh has strong and close strategic relations with Beijing in many fields, the most important of which is energy.
China has become the top destination for Saudi oil exports as part of their high volume of trade exchange, with continued annual growth over the past five years, he said, adding that Saudi-Chinese energy ties include multiple joint investments.
Prince Abdulaziz further pointed to the efforts of both countries to enhance bilateral cooperation in the fields of energy.
He stressed that cooperation between China, the world's biggest energy consumer, and the Kingdom, the world’s top oil exporter, had helped maintain global oil market stability.
“The Kingdom will remain, in this area, a trusted and reliable partner for China,” the agency quoted him as saying.
The minister also reviewed areas of bilateral cooperation, mainly through projects to convert crude oil into petrochemicals, renewable energy, clean hydrogen, electricity projects and peaceful uses of nuclear energy.
He underlined the collaboration and joint investments with the countries included in China's Belt and Road Initiative, as well as the investment in integrated refining and petrochemical complexes in both countries.
He also underlined their keenness to strengthen joint cooperation in the field of renewable energy, noting China’s major role in the field.
Saudi Arabia targets generating 50% of its energy from renewables by 2030.
In addition, Prince Abdulaziz indicated cooperation of the two sides in the field of clean hydrogen, in light of the significant and growing role of clean hydrogen energy in achieving their aspirations to obtain clean, sustainable and low-carbon energy and promote sustainable energy development, enabling the Kingdom to attain its national contributions in this field.
Riyadh and Beijing seek to enhance cooperation to address climate challenges, Prince Abdulaziz said, adding that the Kingdom focuses on the circular carbon economy approach, as an integrated and comprehensive framework to address the challenges caused by emissions through various available clean techniques.