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Saudis Study $65 Billion in China Investments During King's Trip

Source: Bloomberg 3/16/2017, Location: Asia

Saudi Arabian Oil Co. may deepen investment in China’s oil industry as part of $65 billion worth of potential deals signed between the two countries in everything from energy to manufacturing and a theme park.

Amin Nasser, chief executive officer of the Saudi state crude producer, signed a memorandum of understanding with China North Industries Group Corp. on Thursday to explore downstream oil opportunities. Saudi Aramco, as the company is known, is already a partner in refineries and petrochemical plants in the country. The Chinese company, known as Norinco, manufactures weapons and machinery and also has a refining unit.

Companies from both countries signed 22 agreements to study joint investment opportunities at a ceremony in Beijing. Chinese firms will look at a $2 billion petrochemical plant in Jazan, in the southwest of Saudi Arabia, supplying solar energy material, building e-commerce businesses and investing in a cultural theme park in the Middle East.

King Salman bin Abdulaziz is in the midst of an Asia-wide trip that’s already seen Saudi Arabia pledge investments including $13 billion in Malaysian and Indonesian energy projects. The Middle East nation is also courting foreign investors as it seeks to diversify its economy and gears up for what may be the largest-ever initial public offering. The country plans to float a 5 percent stake in Aramco, which Deputy Crown Prince Mohammed bin Salman has said is worth $2 trillion.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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