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Showing posts with label Saudi Arabia. Show all posts
Showing posts with label Saudi Arabia. Show all posts

Thursday, 19 January 2012

Saudi Arabia, China Ink Nuke Cooperation Deal

Saudi Arabia, China Ink Nuke Cooperation Deal

The world's biggest oil exporter, Saudi Arabia has signed an agreement with China for cooperation in the development and use of atomic energy for peaceful purposes, which will help to meet the Kingdom's increasing demand for energy and cut its growing dependence on depleting oil resources.

 
The deal was signed in the Saudi capital Riyadh on Sunday in the presence of King Abdullah and visiting Chinese Prime Minister Wen Jiabao.

The agreement seeks to establish a legal framework to strengthen scientific, technological and economic cooperation between Riyadh and Beijing, while the two sides reaffirmed their desire to place the highest priority on nuclear safety and environmental protection, the Arab News reported quoting officials.

Another agreement to expand cooperation in the field of academics and library affairs was signed by the Riyadh-based King Abdulaziz Public Library (KAPL) and Beijing University . The pact will broaden the scope of cooperation between the two premier institutions and allow KAPL to open its branch in the Chinese capital.

Asked about details of the talks Wen had with King Abdullah, Chinese Embassy spokesman Li Lianghua said the talks with the monarch was preceded by Wen's meetings with Gulf Cooperation Council (GCC) Secretary-General Abdullatif al-Zayani and Organization of Islamic Conference (OIC) Secretary-General Ekmeleddin Ihsanoglu. The talks with King Abdullah covered the whole gamut of bilateral issues and regional development, said another Chinese official.

He said the two countries pledged to work together to promote political and commercial relations as well as boost links in energy, trade, infrastructure, culture, press and security fields.

"China has also welcomed a move to organize a high-profile symposium in Beijing in mid-2012 to discuss relations between China and the Muslim world with special reference to Beijing's relations with Muslims in the past and the future perspectives of Islamic-Sino ties," he added.

The pledge for a closer partnership was made during the wide-ranging talks between King Abdullah and the Chinese Premier. Speaking on the occasion, Wen said: "The two countries strengthened high-level exchanges and promoted mutual trust in recent years despite the fact that international and regional situations became complicated and volatile."

He said both countries had treated each other as equals with respect, and their cooperation had been fruitful since the establishment of diplomatic ties 22 years ago.


"China and Saudi Arabia are both in important stages of development, and there are broad prospects for enhancing cooperation," Wen said and added that his government encouraged Chinese companies to take part in Saudi infrastructure construction ventures such as railways, ports, electricity and telecommunications.

Saudi Arabia is China's biggest source of imported oil, and securing energy security was high on Wen's agenda in Riyadh, said the Embassy official. China and Saudi Arabia should keep deepening cooperation as China is already Saudi Arabia's biggest customer and the Kingdom is keen to diversify its economic ties, he noted.

On Saturday, the state-run Saudi oil giant Aramco and Chinese companies finalized an initial agreement signed last year to develop a 400,000 barrel per day (bpd) refinery in Yanbu, on the Kingdom's Red Sea coast.

Thursday, 27 October 2011

Boeing self-funds F-15E production in anticipation of Saudi deal

Boeing self-funds F-15E production in anticipation of Saudi deal

Boeing is self-funding production of F-15E strike fighters in the expectation that Saudi Arabia may sign a contract at some point before November 2012, said chairman, president and chief executive Jim McNerney.
McNerney's comments provide some insight into the status of an opportunity to sell 84 F-15SA fighters to Saudi Arabia, along with radar and weapon upgrades for the country's existing F-15 fleet.
The US Defense Security Cooperation Agency notified Congress on 20 October 2010 that Riyadh had requested the possible sale, but the deal has remained unsigned after more than a year.

The wait has created scheduling problems for the manufacturer. Boeing will deliver the final F-15Es, on order by Singapore and South Korea, in the first half of next year, which leaves the future of the its St Louis production line in Missouri uncertain in the absence of a sale to the Saudis.
"We do have some investment in the supply chain and we wouldn't have made it if we weren't confident [the Saudi contract] wasn't going to come home," McNerney told analysts during a conference on 26 October to discuss its third-quarter earnings.
"We're all hopeful this will get done over the short-term timeframe," McNerney said.
Morgan Stanley analyst Heidi Wood asked McNerney whether the Saudis could postpone a decision until after the next US election in November 2012, using the potential $30 billion sale as a possible bargaining tool with the next administration.
McNerney replied that recent events, including the death of Saudi Crown Prince Sultan Ibn Abdul-Aziz, who was the country's defence minister, point to a final contract before the next election. McNerney did not explain how the death of a member of the Saudi royal family will influence the F-15 contract.
"Every dynamic [I've seen] has convinced me that it is a nearer term versus longer term resolution," McNerney said.