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China, Saudi Arabia sign USD 65 billion in cooperation deals

AP  |  Beijing 

and have signed a memorandum of understanding on investment cooperation valued at USD 65 billion and involving 35 cooperative projects.

The agreement followed talks Thursday between Saudi King Salman and President Xi Jinping in

is rolling out a massive trade and investment initiative across Central and the Middle East called "One Belt, One Road" and sees the desert kingdom as a regional linchpin.

Today, Salman with Li Keqiang. Despite the eye-catching figure, such agreements usually result in much smaller actual commitments once projects begin.

Saudi Arabia's state-owned producer, Aramco, is a partner with state-owned Petroleum & Chemical Corp. In a refinery in the southeastern province of Fujian and has other Chinese projects.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 17 2017. 11:32 IST