Saudi Arabia, Zhejiang FTZ to boost petroleum business ties

Governor Yuan Jiajun of Zhejiang province recently paid a visit to Saudi Arabia to discuss further cooperation with the country. 

Yuan said Zhejiang and Saudi Arabia have strong economic complementarity and promising business prospects. The governor made his remarks at a senior meeting with the country's energy and investment authorities and enterprises.

Yuan suggested that both sides deepen their ties -- in energy, trade, high-end manufacturing, education, aviation, logistics and tourism -- to mark the 30th anniversary of the establishment of diplomatic relations between China and Saudi Arabia next year.

"We are willing to broaden cooperation with Saudi Arabia on a batch of major projects, especially in building an oil and gas industrial chain in the China (Zhejiang) Pilot Free Trade Zone, to set a good example of Sino-Saudi Arabia cooperation," Yuan added. 

The delegation also visited Saudi Aramco, the giant Saudi state oil company and currently the world's largest oil production company. He Zhongwei, mayor of Zhoushan, gave a briefing of the Zhejiang FTZ to the company's executives. 

He said that the Zhejiang FTZ is China's first such zone to focus on building an oil and gas industrial chain and expressed his hope that Saudi Aramco would participate in the undertaking for the mutual benefit of both sides.

A memorandum of understanding between Saudi Aramco and Zhejiang FTZ was signed, according to which the company will increase investments in the downstream business of the zone and expand operations in oil refining, chemical engineering and in oil and gas transportation and trade.