Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi held here today a meeting with the President of China's National Development and Reform Commission (NDRC), Maa Kae. The meeting focused on oil cooperation between Saudi Arabia and China in the field of joint investments and China's import of Saudi oil. During the meeting, they also reviewed the developments of the international oil market and the importance of its stability. In a statement to the Saudi Press Agency (SPA) following the meeting, Al-Naimi said "the economic and oil cooperation between the two countries is steadily growing, especially after the historic visit by the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz to China early last year", pointing out that the volume of trade exchange between Saudi Arabia and China in 2006 amounted to $ 20 billion with an increase of 30% over the previous year (2005). "The Chinese imports of Saudi oil amounted to 470,000 barrels per day with an increase of 7% over 2005. These imports accounted for more than 16% of China's need of imported oil. I expected that the Chinese imports of Saudi oil will continue to increase during this year and the years ahead," Al-Naimi said. The meeting was attended by Saudi Ambassador to China Saleh Al-Hujailan and senior officials.
