Global Times recently reported that Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said in a Hong Kong press interview that Saudi Arabia is “open to new ideas” including the use of Chinese currency RMB in cross-border crude oil transaction settlements, and is willing to cooperate with China to “try new things.” Alkhorayef also said that Saudi Arabia “welcomes Chinese companies to invest”, and “we try not to mix politics with business.”
Alkhorayef described Saudi Arabia’s “positive” view on using the “Petro-Yuan” instead of US dollar in transactions, but he did not give a specific timetable for the implementation. “From a commercial point of view, between suppliers and customers, I think such an arrangement can be realized according to the free will of both parties,” Alkhorayef continued, “this is not a problem that we look at from a policy point of view.” He looks forward to more cooperation with China, mainly in the form of Chinese investment, in areas such as metals, pharmaceuticals, smart cities, robotics and renewable energy. “We welcome Chinese companies to invest in electric vehicles too,” he added.
The Saudi industrial and mining delegation led by Alkhorayef visited China and Singapore from September 1st to 8th. Alkhorayef’s office said, “The goal of the delegation’s visit to China is to strengthen cooperation with China and make Saudi Arabia a key automotive center in the region.”
Source: Global Times, September 9, 2024
https://hqtime.huanqiu.com/article/4JN7P2H87FS