Saudi Oil Minister Naimi said on the 20th that Saudi Arabia will satisfy China’s oil demand under any circumstances.
Naimi expressed his position when he met Zhang Guobao, deputy director of the National Development and Reform Commission of China, in Riyadh, the capital of Saudi Arabia, and expressed his willingness to further expand and deepen bilateral cooperation in various energy fields.
China to Expand Oil Purchase from Saudi Arabia The Chinese energy delegation led by Zhang Guobao arrived in Riyadh on the evening of the 18th to conduct a three-day working visit to the world’s largest oil exporter and China’s largest energy provider.
Another task of Zhang Guobao’s visit was to attend the meeting of ministers of world oil-producing countries held in Saudi Arabia on the 19th. On the 19th, oil ministers from 20 oil-producing countries and representatives of 20 oil companies met in Riyadh to discuss issues facing the international oil market.
Saudi Arabia is China's largest oil supplier, accounting for 14% of China's oil imports. In 2004, China imported a total of 17.24 million tons of crude oil from Saudi Arabia. In 2005, China imported 440,000 barrels of oil from Saudi Arabia every day. This figure will increase by 14% in 2006 to 500,000 barrels.
At present, negotiations between Sinopec and Aramco, Saudi Arabia's national oil company, are nearing completion. The two sides are expected to reach a long-term cooperation plan to provide China with a stable supply of oil. If the agreement is implemented, 70% of Sinopec's crude oil imports will come from Saudi Arabia. At present, this ratio is 55%-60%.
During the visit, Zhang Guobao also held talks on cooperation between China and Saudi Arabia in the fields of energy and chemical projects. Safer and more stable energy supply.
Naimi expressed his position when he met Zhang Guobao, deputy director of the National Development and Reform Commission of China, in Riyadh, the capital of Saudi Arabia, and expressed his willingness to further expand and deepen bilateral cooperation in various energy fields.
China to Expand Oil Purchase from Saudi Arabia The Chinese energy delegation led by Zhang Guobao arrived in Riyadh on the evening of the 18th to conduct a three-day working visit to the world’s largest oil exporter and China’s largest energy provider.
Another task of Zhang Guobao’s visit was to attend the meeting of ministers of world oil-producing countries held in Saudi Arabia on the 19th. On the 19th, oil ministers from 20 oil-producing countries and representatives of 20 oil companies met in Riyadh to discuss issues facing the international oil market.
Saudi Arabia is China's largest oil supplier, accounting for 14% of China's oil imports. In 2004, China imported a total of 17.24 million tons of crude oil from Saudi Arabia. In 2005, China imported 440,000 barrels of oil from Saudi Arabia every day. This figure will increase by 14% in 2006 to 500,000 barrels.
At present, negotiations between Sinopec and Aramco, Saudi Arabia's national oil company, are nearing completion. The two sides are expected to reach a long-term cooperation plan to provide China with a stable supply of oil. If the agreement is implemented, 70% of Sinopec's crude oil imports will come from Saudi Arabia. At present, this ratio is 55%-60%.
During the visit, Zhang Guobao also held talks on cooperation between China and Saudi Arabia in the fields of energy and chemical projects. Safer and more stable energy supply.
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