Saudi Arabia to launch regional center for Chinese factories as trade relations deepen

Saudi Arabia to launch regional center for Chinese factories as trade relations deepen

RIYADH: Saudi Arabia will host a regional center for Chinese factories as the Kingdom's strategic location among the three continents of Asia, Africa and Europe is set to elevate the trade relationship between both countries in the energy supply chain, confirmed Saudi Minister of Energy Prince Abdulaziz bin Salman. He reaffirmed that Saudi Arabia will continue to be China's reliable partner in the energy sector, and added that the Kingdom is always keen to maintain stability in the oil market, reported Saudi Press Agency. Not just the energy sector, Prince Abdulaziz further added that Saudi Arabia has strong and close strategic relations with China in various other fields. Highlighting that China is the top destination for Saudi Arabia's oil imports, he said the volume of trade between the countries has been increasing steadily over the past five years. The energy minister also reviewed areas of cooperation where both China and Saudi Arabia can work together. This includes projects to convert crude oil into petrochemicals, renewable energy, clean hydrogen, electricity projects and peaceful uses of nuclear energy. He also assured collaboration in China's Belt and Road Initiative, as well as investment in integrated refining and petrochemical complexes in both countries. The