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China, Saudi Arabia Ink $65-Billion Worth Of Preliminary Deals

China, Saudi Arabia Ink $65-Billion Worth Of Preliminary Deals

The agreements between Saudi Arabia and China will cover a variety of issues, ranging from energy to space technology.

Saudi Arabia is seeking to boost oil sales to China, the world's second-largest oil market, after losing market share to Russian Federation.

Saudi King Salman is in Japan on an official visit which has already seen him visit Indonesia and will take him to China.

As well as boosting oil sales, the 81-year-old's Asia trip was aimed at promoting investment opportunities in the kingdom, including the sale of a stake in Saudi Aramco, the massive state-owned company worth trillions of dollars.

The Norinco deal could involve exploring the possibility of a greenfield refinery and chemical plant in Panjin, in Liaoning province, while also upgrading a refinery and petrochemical facility in the same location, an industry source said.

Xi said he looked forward to discussing projects under development, and said results so far "have surpassed our expectations".

The state oil giant also signed an MoU with Aerosun Corp for the manufacture of reinforced thermoplastic pipes and components.

The visit "has been postponed due to the high prevalence of the flu in the Maldives", the government said in a statement, adding that a new date would be confirmed. The three-day Chinese stop reciprocates Xi's visit to Riyadh past year to shore up China's sphere of influence in the middle east.

"This visit will push forward and continue to improve the quality of our relations and bear new fruit", said Xi who visited Saudi Arabia previous year.

While the two sides do not necessarily agree on a strategy to resolve the Syria conflict, Chinese diplomats who spoke to the Hong Kong-based newspaper said China is growing confident about its influential role in a multipolar world.

The meeting between the king and Xi comes at a time when China has reportedly been asked to play a bigger role in the Middle East, according to the South China Morning Post.

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