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Xi, Saudi king sign deals potentially worth $65 bil.

Reuters

China’s President Xi Jinping and Saudi King Salman bin Abdulaziz Al-Saud attend a welcoming ceremony at the Great Hall of the People in Beijing on Thursday.

Reuters BEIJING (Reuters) — Saudi Arabia’s King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to Beijing on Thursday, as the world’s largest oil producer looks to cement ties with the world’s second-largest economy.

The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a monthlong Asian tour.

The visits to countries that are some of world’s fastest growing importers of Saudi oil aim to promote investment opportunities in the kingdom, including the sale of a stake in its giant state firm Saudi Aramco.

Saudi Arabia has sought to boost oil sales to China, the world’s second-largest oil market, after losing market share to Russia last year, by working mostly with China’s top three state oil firms.Speech

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