(Yicai Global) March 20 -- During Saudi Arabian King Salman's state visit to China last week, several state-owned firms penned deals totaling USD65 billion with Saudi companies in energy, transport, construction and communication.
China Petrochemical Corp., better known as Sinopec, will work with Saudi Basic Industries Corp. to find opportunities in the two countries, Chinanews.com cited the State Council's State-Owned Assets Supervision and Administration Commission as saying. They will study the development of petrochemical projects by forming joint ventures, and look at increasing investments in their current partnership, Sinopec SABIC Tianjin Petrochemical Co.
China Nuclear Engineering and Construction Corp. will offer support for the Saudi government in starting a high-temperature gas-cooled reactor project. Both parties will develop systematic solutions for the plan, involving investment and construction, intellectual property cooperation and industrial chain localization. The nuclear power firm will also seek radioactive resources in nine areas of the Middle Eastern country within two years.
In another partnership, China Communications Construction Co. will participate in the investment, design, construction and operation of projects such as the multi-purpose logistics hub in Yanbu, Saudi Arabia, and support infrastructure projects with a full range of services. China North Industries Corp., known as Norinco, will work with the Saudi government to promote cooperation in production capacity, technical areas and investment in the transport sector.