China and Saudi Arabia have signed a memorandum of understanding (MOU) on investment cooperation worth 65 billion US dollars, involving 35 projects.
The agreement followed talks between Chinese President Xi Jinping and Saudi Arabia’s King Salman bin Abdulaziz Al Saud on Thursday in Beijing.
Chinese Premier Li Keqiang met with Saudi King Salman on Friday, a day after the two nations signed the MOU which aims to boost joint efforts in areas including energy, investment, finance, culture and aerospace.
In January, Saudi Arabia exported 1.18 million bpd of crude oil to China, a 18.9 percent increase from January 2016, according to the monthly report by the Chinese General Administration of Customs. It reclaimed from Russia the top place for crude oil supplies to China.
The volume was also up a massive 40 percent from the 841,000 bpd that China imported from the country in December. The increase indicates Saudi Arabia’s determination to keep its key customer China well supplied even during its oil output cuts.