Sino-Saudi trade has increased significantly since 2000. In 2005 or so, trade increased by 59 percent, allowing Saudi Arabia to overtake Angola as China`s main source of oil for the first time. After accession to the throne in 2005, King Abdullah pursued a pro-Asian trade policy with the “Eastward gaze,” where more than half of Saudi oil went to Asia. [38] Saudi Arabia`s Saudi Basic Industries Corporation (SABIC) alone exports more than $2 billion worth of petrochemicals annually to China. [39] In 2008, bilateral trade between China and Saudi Arabia amounted to EUR 32 500 000 000[40], making Saudi Arabia China`s largest trading partner in West Asia. [41] In the first quarter of 2010, Saudi oil exports to China exceeded one million barrels, surpassing exports to the United States. [42] With the considerable increase in Sino-Saudi trade, Saudi Arabia has become a significant investor in the PRC. The Saudis are working to invest in Chinese oil industry projects to ensure their status as an important supplier of oil to China. For example, in 2004, the Saudi Aramco Overseas Company invested nearly 1/3 of the $3 billion needed to build a petrochemical plant in southeastern China`s Fujian province that would process 8 million tons of Saudi crude oil. [43] At the end of this project, the refinery would be able to triple its capacity and process Saudi “troubled” crude oil that otherwise could not be refined in China. In addition, in 2006, the PRC and Saudi Arabia agreed on the joint construction of an oil depot on the Chinese island of Hainan and Saudi Arabia inviting Chinese companies to participate in infrastructure development for an amount of $624 billion. [44] On April 6, 2012, SABIC announced a new $100 million investment plan for the establishment of a new technology center in the Kangqiao region of Shanghai. Three days earlier, on April 3, SABIC launched the second phase of petrochemical facility construction projects in the cities of Tianjin and Chongqing, which were part of the $11 billion project with state-owned Sinopec Group, to further increase production at polycarbonate production complexes.
[45] In addition to companies close to oil, other large Saudi companies, such as the Saudi Arabian General Investment Authority (SAGIA) and Saudi Arabian Airlines, have established offices in China. In 2006, Saudi Arabia invested $1.1 billion in China, the first major investment since 2000. Similarly, in 2006, China`s largest aluminum producer – Aluminum of China (Chalco) – partnered with Saudi companies to build a $3 billion aluminum plant in Saudi Arabia. [46] In 2009, the China Railway Company won a $1.8 billion bid to build a monorail in Mecca to support pilgrim transportation. [47] In May 2019, Chinese imports of Saudi crude oil increased by 43%. . . .