BREAKING NEWS

China pledges cooperation with Arab countries

By ASSOCIATED PRESS

MAY 13, 2010 12:04

BEIJING— China opened a conference with Arab countries Thursday, hoping to boost cooperation with countries it is increasingly turning to for energy supplies.

China has said it hopes to strengthen cooperation with Saudi Arabia and other resource-rich countries in the region to stabilize the international oil market, as well as increase oil supplies from Africa.

Earlier this week Saudi Basic Industries Corp., one of the world's largest chemical makers, said it began commercial production at its joint-venture petrochemical complex it operates with China's SINOPEC in the northern Chinese port of Tianjin, with the help of $2.7 billion in financing agreements from Chinese banks and institutions.

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