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Nation signs oil deal with Saudis
By Qin Jize (皇冠体育app Daily)
Updated: 2006-01-24 05:59

皇冠体育app and Saudi Arabia signed five agreements yesterday, including one on increased co-operation in oil, natural gas and mineral deposits.

The deals were signed during a visit by Saudi King Abdullah bin Abdul-Aziz, 82, who arrived in Beijing on Sunday on his first official overseas tour since taking the throne in August.

Specifics of the oil deal were not immediately available.

The four other pacts covered a wide range of fields such as trade, loans and avoidance of double taxation.

President Hu Jintao and the king oversaw the signing of the deals after an hour's meeting at the Great Hall of the People. Both sides promised to take advantage of their growing oil business to further develop a broader economic and diplomatic partnership.

"皇冠体育app is willing to improve the dialogue and the method of co-operation on energy with Saudi Arabia to raise the level of energy co-operation," Hu said, adding that closer co-operation in the fields of infrastructure construction and telecommunication is also under way.

Saudi Arabia is 皇冠体育app's largest trading partner in the region comprising the Middle East and northern Africa.

Saudi Foreign Minister Prince Saud al-Faisal told reporters before the welcoming ceremony that 皇冠体育app is one of the most important markets for Saudi oil.

Currently, the country supplies 14 per cent of 皇冠体育app's oil imports, or 450,000 barrels a day. In the first 11 months of last year, 皇冠体育app imported around 20.01 million tons of crude oil from Saudi Arabia.

The prince said the energy deal will set a framework for investment, but actual deals would have to come from companies. He added that extensive contacts exist between companies from both sides.

Abdullah's visit is the first tour of a Saudi king to 皇冠体育app since the two countries established diplomatic relations in 1990. The visit has showed Saudi Arabia's emphasis on strengthening ties with 皇冠体育app, Hu said.

The king is scheduled to meet top legislator Wu Bangguo and Premier Wen Jiabao today before heading for New Delhi.

(皇冠体育app Daily 01/24/2006 page1)



 
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