Dhahran, Saudi Arabia (CNN) – China is thirsty for oil to fuel its economic boom – and it’s increasingly looking to Saudi Arabia to help quench that thirst.
Saudi Arabia produces nearly 10 million barrels of oil a day – about the same as China consumes. That’s why the Kingdom is at the heart of China’s energy strategy to secure more resources from the Gulf region.
Chinese energy giant Sinopec recently signed a joint venture with Saudi’s Aramco, the world’s biggest oil company, that will lock-in an additional 400,000 barrels of oil per day by 2014.
It’s a sign of China’s eagerness to boost economic and political ties to Saudi Arabia.
Aramco CEO Khalid Al Falih told CNN’s John Defterios: “China … is the engine of the global economy; they are growing, their population is urbanizing and there is a thirst for energy.”