China and Saudi Arabia signed an energy cooperation agreement yesterday during a landmark visit by Saudi King Abdullah that both sides said would usher in an era of closer economic ties.
King Abdullah, who arrived on Sunday on his first trip outside the Middle East since taking the throne in August, met Chinese President Hu Jintao (胡錦濤) yesterday at the Great Hall of the People.
King Abdullah and Hu oversaw the signing of five agreements, including one on "oil, natural gas and mineral cooperation," and another on "economic, trade and technical cooperation."
Agreements were also signed to "avoid dual taxation", allow for a Saudi loan to improve infrastructure in the city of Aksu in China's oil-rich Xinjiang region, and to facilitate "cooperating in vocational training."
Neither side immediately provided further details of the agreements, although Saudi Foreign Minister Prince Saud al-Faisal spelt out before the signing ceremonies the main interest of both nations.
"China is one of the most important markets for oil and Saudi oil is one of the most important sources of energy for China," said the prince, who is accompanying the king.
Prince Saud said the energy deal would set the framework for specific energy investments, but agreements on the projects would have to be signed between the two countries' oil companies.
He also suggested specific agreements could be signed soon.
The visit by the Saudi king comes at a time when China, the world's second biggest oil consumer, is scouring the globe for more oil to fuel its unprecedented economic transformation.
At the same time, Saudi Arabia, the world's biggest oil supplier with the largest known reserves, is seeking to diversify its economy and ease its dependence on the US, the biggest oil consumer.
At the welcoming ceremony, Hu said the fact that King Abdullah had chosen China as the first destination of his first official trip outside the Middle East since ascending the throne had been noted and welcomed in Beijing.
"This will write a new chapter of friendly cooperation between China and Saudi Arabia in the new century," Hu said, who called the king "a respected and familiar old friend" of China.
King Abdullah, who is making the first visit by a Saudi leader to China since the two nations established diplomatic ties 16 years ago, also said he looked forward to stronger bilateral ties.
"What makes us happy is that since the two countries established diplomatic relations in 1990 our two countries have had fruitful cooperation in many fields," he said.
"We hope this cooperation will develop even more in the future."
Analysts said King Abdullah's choice of China as the first country of his Asian tour, which will also take in India, Malaysia and Pakistan, was a strategically sound move.
"China has the fastest growing market and Saudi Arabia has the right product to sell," said a Hong Kong-based oil analyst who requested anonymity.
Shi Yinhong (
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS