Deepening China-Arab energy cooperation born of win-win scenarios
The Arab countries located at the junction of Asia, Africa and Europe are universally renowned for their unique geographic location and abundant energy reserves.
Energy cooperation, one of the main components of the China-Arab partnership, has steadily developed in recent years, with a deepening relationship born of numerous win-win achievements.
Seventy percent of China's oil supplies are imported. In 2021, China imported 265 million tonnes of crude oil from Arab countries, accounting for 51.6 percent of the national total.
To date, more than 200 large-scale cooperation projects in energy and infrastructure have been implemented, benefiting nearly 2 billion people.
China-Arab new-energy cooperation
The Middle East has the highest sunlight exposure rate in the world, with Saudi Arabia being the world's largest wind photovoltaic base.
The countries in the region are pursuing energy diversification through large-scale new energy projects. Last March, Saudi Arabia reaffirmed its five-year commitment to convert half of its total energy to renewable sources by 2030.
This could lay a solid foundation for China-Middle East cooperation, as Chinese companies dominate key solar panel manufacturing stages.
China is Saudi Arabia's largest trading partner, and the latter is China's most important energy supplier and largest trading partner in the West Asia and Africa region.
According to the Chinese Foreign Ministry, trade between the two reached $87.31 billion in 2021, up 30.1 percent year on year.
China-Qatar 27-year LNG deal
In the energy field, Qatar is the world's top Liquefied Natural Gas (LNG) exporter.
While all eyes were on the opening ceremony of World Cup Qatar 2022 on November 21, Chinese energy giant Sinopec and QatarEnergy were signing a 27-year LNG deal through which QatarEnergy will provide 4 million tonnes of LNG to Sinopec annually.
The deal is the first long-term sales and purchase agreement under Qatar's North Field East Project, which is expected to enter production in 2026.
Sinopec Chairman Ma Yongsheng said that the deal will help China to meet its natural gas demand and optimize the country's energy structure. The Qatari side is also satisfied with the long-term deal.