Saudi Arabia’s Crown Prince Mohammed bin Salman and Vice-Premier of China, Han Zheng, chaired the third meeting of the Saudi-Chinese High-Level Committee in Beijing to promote joint economic cooperation between the two countries and consolidate economic and cultural relations.
The meeting comes as part of the Crown Prince’s official two-day visit to China.
In the meeting, the two countries discussed ways to enhance coordination and strengthen bilateral partnership in all fields, including political and security coordination, promoting trade and investment, cultural and technical cooperation within the framework of the Kingdom's Vision 2030 and the Belt and Road Initiative.
Meanwhile, Saudi Arabia has signed an agreement to form a joint venture with China to develop a ten billion dollar refining and petrochemical complex in Panjin city of China.
Saudi State owned Aramco and Chinese conglomerate Norinco will form a new company called Huajin Aramco Petrochemical Co as part of a project that will include a refinery to handle 300,000 barrels of oil per day.
The deal was signed during a visit by Saudi Crown Prince Mohammed bin Salman to Beijing as part of an Asia tour.