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  • Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical

    Saudi oil giant Aramco said on Monday it is in talks to acquire a 10% stake in China's Hengli Petrochemical (600346.SS), opens new tab, a deal which would further bolster Aramco's growing downstream presence in China.
    Aramco (2222.SE), opens new tab is in talks with parent Hengli Group Co and signed a memorandum of understanding over the proposed transaction, which is subject to due diligence and regulatory approvals, Aramco said in a statement.

  • Saudi Energy Giant ACWA Power Secures $80 Million Loan From Bank Of China For Uzbekistan Solar Drive

    Saudi-based ACWA Power recognized as the world’s largest private water desalination company and a frontrunner in energy transition with a focus on green hydrogen, secured an equity bridge loan from the Bank of China amounting to $80 million to fund its Tashkent 200MW Solar PV and 500MWh BESS project in Uzbekistan.

  • China willing to work with Saudi Arabia to avoid further tension in Middle East

    China is willing to work together with Saudi Arabia to avoid further escalation of confrontation in the Middle East, Chinese Foreign Minister Wang Yi said to his Saudi counterpart over a phone call. China appreciates Saudi Arabia’s emphasis on resolving the issue of the attack on Iran’s embassy in Syria through diplomatic means, the official Xinhua said.

  • G42 Made Secret Pact With US to Divest From China Before Microsoft Deal

    Microsoft Corp.’s just-announced partnership with Abu Dhabi’s G42 followed behind-the-scenes negotiations between the US government and the Middle Eastern firm, which agreed to divest from China and pivot to American technology. G42, a holding company focused on artificial intelligence, held talks with the US Commerce Department’s Bureau of Industry and Security and came to an understanding last year, according to people familiar with the discussions. Under the arrangement, G42 agreed to pare back its presence in China or face potentially punitive measures from Washington, they said.

  • China’s energy trade with Middle East set to surge since Beijing brokered last year’s Iran-Saudi deal, UBS says

    Energy-related trade between China and the Middle East is likely to increase significantly and reshape the sector globally in the wake of the Saudi-Iran peace deal brokered by China last year, according to Swiss bank UBS.
    By 2030 trade between the two will have risen by US$423 billion annually, with renewables and petrochemicals accounting for US$77 billion and US$325 billion, respectively, according to Ken Liu, head of China and Hong Kong renewables, utilities and energy research at UBS Investment Bank.

  • Air China Now Third Chinese Carrier To Schedule Saudi Arabia Entry

    Air China has become the third Chinese airline to schedule flights to Saudi Arabia, following China Eastern Airlines and China Southern Airlines. The carrier plans to introduce its first regular flights to the kingdom starting May 6, operating three times per week between Beijing Capital International Airport (PEK) and Riyadh’s King Khalid International Airport (RUH). Airbus A330-300 aircraft will be deployed on the sector.

  • China invested 10x more into Saudi Arabia from the previous year

    China pumped in $16.8 billion in the kingdom as opposed to the $1.5 billion it had pumped in during 2022, stated data from Emirates NBD. The kingdom is targeting over $100 billion in foreign direct investment by 2030, all to diversify the economy.   Overall, the FDI investments in Saudi doubled to $28.9 billion. EmiratesNBD report added that this surpassed the previous peak of $17.6 billion in 2018 but didn’t touch the exuberance of 2008 of $34.3 billion.  

  • Saudi Arabia announces cultural cooperation award with China

    The Saudi Ministry of Culture announced on Thursday the launch of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, at the King Abdulaziz Public Library branch in Beijing, Saudi Press Agency reported. This award aims to acknowledge the efforts of researchers, artists and translators from both countries, offering grants to support their continuing work. It is designed to spur enhanced collaboration and shared creative efforts.

  • China will be a driving force for the world economic recovery, official says

    China aims to be strong driving force for the world economic recovery this year, opening its markets wider to foreign investors and promoting high quality growth, the country's top legislator Zhao Leji said on Thursday.
    China will make tech innovation a new point of economic growth and is willing to collaborate with other countries on it, Zhao, the chairman of the Standing Committee of the National People's Congress, said at the opening plenary of the annual gathering of the Boao Forum for Asia.

  • Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny

    Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said.
    Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.