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☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

☆ Saudi Arabia and China are part of a multipolar world order, and their mutual interests are 'strong and rising,' minister says
▼ + stars: | 2023-06-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowSaudi Arabia sees China as a key partner in a multipolar world — with the two countries expected to only come closer as their common interests grow, Saudi Minister of Investment Khalid Al-Falih told CNBC. "And we believe that economic cooperation between China and Saudi Arabia and the GCC (Gulf Cooperation Council), and the entire Arab region, will be a significant part of that." The U.S. has military installments in Saudi Arabia, selling it advanced weaponry and providing training and joint operations with the Saudi military. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. But we would see, going forward, more global champions from Saudi Arabia going to China to access a growing market of 1.4 billion high-consumption individuals."

Persons: Investment Khalid Al, Falih, — it's, CNBC's Dan Murphy, it's, Biden, Xi Jinping, Crown Prince, Saudi Arabia Mohammed bin Salman Al Saud, Saudi Crown Prince Mohammed bin Salman, Faisal bin Farhan, Antony Blinken, Fayez Nureldine Organizations: Saudi, Investment, CNBC, China Business Conference, GCC, Gulf Cooperation Council, U.S ., Anadolu Agency, Getty, Technology, Saudi Crown, Beijing, GCC Ministers, AFP Locations: Saudi Arabia, China, Riyadh, Africa, Central Asia, United States, Brazil, Russia, India, South Africa, U.S, Saudi, we're, Washington, Yamamah, Beijing

☆ The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.
▼ + stars: | 2023-03-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Taking up a specific role that the U.S. could not have fulfilled, this was Beijing's first foray into Middle East mediation, an area that for the past few decades was largely occupied by Washington. "I think China was a good partner to do this. I think they're the right people," he said, noting that China invests heavily in Saudi Arabia and is its top trading partner. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. And not just economically, as it already exports an immense amount of goods to the Middle East and is the largest importer of Saudi oil – but politically.

☆ China, Saudi Arabia stress importance of oil market stability as Xi visits Riyadh
▼ + stars: | 2022-12-09 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. China and Saudi Arabia stressed the importance of global oil market stability and Riyadh's role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping. China is the world's largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers' alliance. Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The Chinese head of state has extended an invitation for King Salman to visit China "at a mutually convenient time," the statement said.

☆ China’s Xi Jinping Meets Saudi Crown Prince in Pivotal Visit
▼ + stars: | 2022-12-08 | by ( Stephen Kalin | ) www.wsj.com time to read: 1 min

Chinese President Xi Jinping arrived in Riyadh, Saudi Arabia on Wednesday for a visit set to strengthen ties between the two countries. RIYADH, Saudi Arabia—Chinese leader Xi Jinping met with Saudi leaders Thursday at the start of a multiday state visit, as the oil-rich desert kingdom strengthens ties with U.S. rivals amid doubts about Washington’s commitment to the Middle East. Crown Prince Mohammed bin Salman , who runs the kingdom’s daily affairs, greeted the Chinese leader with a handshake on arrival at Al Yamamah Palace, the seat of the Saudi monarchy. A Saudi honor guard welcomed Mr. Xi before Prince Mohammed accompanied him inside to meet his father, King Salman . The two sides are expected to sign some 20 initial agreements worth more than $29 billion total before attending a large gathering of Gulf and Arab leaders on Friday.

☆ China’s Xi gets a warm welcome from MBS in Riyadh
▼ + stars: | 2022-12-08 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +2 min

Saudi state TV showed a grand ceremony laid out for the Chinese leader, as bin Salman, the kingdom’s de facto ruler known as MBS, received him at Al-Yamamah Palace. Chinese and Saudi Arabian flags dotted the premises as members of the Saudi Royal Guard lined up with swords and played music. The two leaders smiled warmly and looked on for photographs, a contrast to the atmosphere of US President Joe Biden’s visit to Saudi Arabia earlier in the year. Xi landed in the capital Riyadh on Wednesday, where he was received by Saudi Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs. Saudi Crown Prince Mohammed bin Salman fist bumps US President Joe Biden upon his arrival at Al Salman Palace, in Jeddah in July.

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