Friday, August 25, 2017

Saudi Arabia, China plan joint $20b investment fund

Saudi energy minister said that in addition to the fund, he expected 11 business agreements worth about $20b to be signed

GULF NEWS - AUGUST 24, 2017

Jeddah: Saudi Arabia and China plan to establish and operate jointly a $20 billion (Dh73.4 billion) investment fund, sharing costs and profits on a 50:50 basis, Saudi Energy Minister Khalid Al Falih said on Thursday.  Al Falih was speaking on the sidelines of an economic conference of senior officials and businessmen from the two countries.  He said that in addition to the fund, he expected 11 business agreements worth about $20 billion to be signed between the two sides on Thursday. He did not give details.  In March, Saudi Arabian Oil Co. announced that it may deepen investment in China’s oil industry as part of $65 billion (Dh238.7 billion) worth of potential deals signed between the two countries in everything from energy to manufacturing and a theme park.   Saudi Aramco, as the company is known, is already a partner in refineries and petrochemical plants in the country.

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