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The agreement on “cooperation in oil, natural gas and minerals” was signed between Saudi Oil Minister Ali Al Nuaimi and Ma Kai, minister of China’s State Development and Reform Commission.
It followed a meeting between King Abdullah and Chinese President Hu Jintao.
Neither side immediately provided any details on the agreement, but Saudi Foreign Minister Prince Saud Al Faisal indicated before the signing ceremony it would allow for more specific joint projects in the future.
“Projects are not under the auspices of the agreement. It sets the framework for such investment but investment will have to come from the companies,” Prince Saud said.
“There is very extensive contacts between Saudi and Chinese (companies),” he said. “There may be agreements (in the future).”
Energy analysts said the agreement was the first between the two governments on overall cooperation in the field of energy.
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