Though the world is trying to reduce reliance on fossil fuel, there is no denying that black gold still fuels the modern world and forms an essential pillar in the modern economy. Because China's Belt and Road Initiative covers many major oil-producing countries in the Arab world, oil is a natural focal point for cooperation between China and the region. Timothy Ulrich has more.

Yanbu, A major oil port on Saudi Arabia's Red Sea coast. A decade ago this site was a desert. Well, it's still a desert, but it's also where Yanbu Aramco Sinopec Refining Company, or YASREF, has a refinery. It's one of the largest oil refineries in the region with a daily processing capacity of 400 thousand barrels of crude.

LI XIHONG, BOARD DIRECTOR YASREF "YASREF is Sinopec's first overseas joint venture in oil refineries. It is a major move for Sinopec to go overseas. For Saudi Aramco it is also an essential part of Saudi Arabia's national industrialization plan. This is a strategic project for China's oil refining and petrochem service industry to explore the overseas market, as well as for Saudi Arabia to realize economic transformation."

Investment goes both ways. Aramco also has refining operations in China's Fujian and Yunnan provinces.

China overtook the United States as the top crude oil importer in 2017 at 420 million tons. And Saudi Arabia is China's second largest source of crude oil. Increased mutual investment is one way China and the Arab states can become more diversified in oil markets, fueling the momentum for both sides to further explore the global market. 

According to Reuters, Aramco is negotiating a third refinery in China, but both sides are now already enjoying the fruits of ever-closer cooperation.

The cooperation between China and the Arab states starts with oil. Now with China's Belt and Road Initiative and Vision 2030 in countries such as Saudi Arabia, Qatar and others already underway, more and more opportunities for both sides to cooperate are sure to arise. CGTN.