A regional center for Chinese factories is expected to be developed in the kingdom, the Saudi energy minister says
Energy cooperation between China and Saudi Arabia is set to be strengthened as the two nations plan to secure supply chains in the sector, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
His statement came during a visit to Saudi Arabia by Chinese President Xi Jinping ahead of a Chinese-Arab summit that kicks off in Riyadh on December 9. The Chinese delegation is expected to sign over 20 tentative agreements worth 110 billion riyal ($29 billion) with Saudi Arabia covering energy, security and investments.
“Saudi Arabia and China endeavor to enhance cooperation in the energy sector supply chains, by establishing a regional center for Chinese factories in the kingdom by taking advantage of the kingdom’s distinguished location among the three continents of Asia, Africa and Europe,” the minister said in a statement issued to the Saudi Press Agency on Wednesday.
He added that Saudi Arabia would remain a reliable partner for China in the energy sector as well as in ensuring global oil market stability. The minister highlighted that the countries are deepening cooperation and joint investments, including those in China’s Belt and Road Initiative and integrated refining and petrochemical complexes in both countries.
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According to Chinese customs data, Saudi Arabia is China’s top oil supplier in the first ten months of 2022, making up 18% of China’s total crude oil purchases, with imports totaling 73.54 million tons, or 1.77 million barrels per day.
China is the kingdom’s largest trading partner, with mutual trade worth $87.3 billion in 2021. Chinese exports to Saudi Arabia reportedly reached $30.3 billion, while China’s imports from the kingdom amounted $57 billion.
https://www.rt.com/business/567874-china-saudi-arabia-energy-center/
Ecuadorian voters have rejected a proposal to permit the return of US military bases, according to preliminary referendum results.
Ecuadorians went to the ballot box on Sunday to decide whether US forces should again operate from local facilities. The nation had banned foreign bases in 2008 amid concerns over sovereignty.
With three-quarters of ballots counted, about 60% voted ‘no’ to the plan advanced by President Daniel Noboa, a close ally of US President Donald Trump and a supporter of US military operations in the Caribbean and near Venezuela.
The result blocks any US effort to return to the Manta airbase on the Pacific coast, which once served as a platform for Washington’s regional military operations.
The referendum also asked voters whether to end public funding for political parties, reduce the number of lawmakers, and create an elected body to draft a constitution.....more below
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The Jewish state says the incident in southern Lebanon was due to poor weather conditions, with no casualties reported.
UN peacekeepers stationed in southern Lebanon have accused Israel of firing on one of their patrols, criticizing the country for its “aggressive behavior.” Israel has acknowledged that the incident occurred, but said it was not intentional and was due to poor weather conditions.
In a statement on Sunday, the United Nations Interim Force in Lebanon (UNIFIL) said the Israel Defense Forces (IDF) fired on personnel from a Merkava tank.
It called the incident “a serious violation” of the ceasefire deal between Israel and Lebanon that ended the 2006 war, stressing that it was not the first attack of this kind. “Yet again, we call on the IDF to cease any aggressive behavior and attacks on or near peacekeepers, who are working to support the return to the stability that both Israel and Lebanon say they seek.”.... more below
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Iran’s largest credit institution has gone into administration amid the government’s continued push to reform the country’s banking and financial system.
The Central Bank of Iran (CBI) said on Sunday that it had appointed a team of three administrators to restructure the Melal Credit Institution after the lender accumulated a loss of 650 trillion rials ($590 million)
Head of CBI’s regulatory and oversight department Farshad Mohammadpour said the Melal Institution had an asset–liability mismatch of 450 trillion rials and its capital adequacy ratio was minus 41%.
Mohammadpour said that administrators are expected to restructure the Melal Institution in the next six months, mainly by selling off its non-banking assets, properties and affiliated enterprises to pay down its debts.
CBI’s decision about Melal Institution comes three weeks after the lender declared Bank Ayandeh, one of Iran's largest private banks, insolvent and transferred its assets and staff to the state-run Bank ...
