China and Saudi Arabia Seek Honeymoon Relations... Strengthening Cooperation Beyond Petrochemicals to Nuclear Energy

"Confirmed 'Firm Support for Both Sides' Core Interests'"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Taking advantage of Chinese President Xi Jinping's visit to Saudi Arabia, China and Saudi Arabia sought to establish a honeymoon relationship. The two countries adopted a joint statement covering the stability of the global oil market, the importance of Saudi Arabia's role, and the strengthening of supply chain cooperation.

According to major foreign media on the 9th, China and Saudi Arabia stated in the joint statement, "China welcomed the role played by the Kingdom of Saudi Arabia as a supporter of balance and stability in the global crude oil market and as a reliable major crude oil exporter to China."

The statement included plans to enhance cooperation not only in discovering common investment opportunities in petrochemicals but also in renewable energy including nuclear energy. Accordingly, projects related to energy supply chains, efficiency, and advanced technologies will be developed.

Saudi Arabia's state-owned oil company Aramco signed a memorandum of understanding (MOU) with China Shandong Energy, agreeing on potential crude oil supply and long-term purchase contracts for chemical products.

To strengthen energy supply chain cooperation, plans were also promoted to establish a regional center in Saudi Arabia for Chinese companies.

The statement also included that "both sides reaffirmed their firm support for each other's core interests."

Earlier, analyses suggested that the core of the summit between President Xi and Saudi Crown Prince Mohammed bin Salman, a key figure in Saudi Arabia, was "stable oil supply cooperation."

Saudi Arabia, already in a deteriorated relationship with its traditional ally the United States over OPEC's crude oil production cut policies, drew attention by issuing a statement emphasizing strengthened relations with China.

The statement also covered sovereignty and non-interference, as well as the peaceful resolution of the Ukraine conflict resulting from Russia's invasion.