China and the Arab countries are continuing their energy cooperation, which is one of the main components of the partnership.
An energy partnership
China imports about 70% of its oil supply. Thus, in 2021, the country imported 265 million tons of crude oil from Arab countries. Indeed, oil imports from Arab countries account for 51.6% of China’s national total.
However, China and the Arab countries are keen to expand their cooperation in the field of new energy. Indeed, the Middle East has the highest rate of sun exposure in the world. Saudi Arabia is home to the world’s largest photovoltaic and wind power plant.
Arab countries are trying to diversify by launching new energy projects. For example, Saudi Arabia’s five-year plan reaffirms its commitment to clean energy. Indeed, Riyadh wants to convert 50% of its energy to renewable sources by 2030.
Multiple projects
China is Saudi Arabia’s largest trading partner. Indeed, Chinese companies dominate the main stages of solar panel manufacturing. According to Beijing, trade between the two countries will reach $87.31 billion by 2021.
This figure represents an increase of 30.1% over the previous year. Qatar is the world’s largest exporter of LNG. Sinopec recently signed an agreement with Qatar Energy to supply LNG to China for 27 years.
These deliveries represent 4 million tons of LNG per year. In addition, this is the first long-term sale for the North Field East project, which will begin in 2026. Moreover, during the 2022 World Cup, China was building 15 water storage tanks in Qatar.
