Building on the strong bilateral relations between the People's Republic of China and the Kingdom of Saudi Arabia, H. E. Mr. Zhang Zhigang, Vice Minister of the State Economic and Trade Commission of the People's Republic of China met with the Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia in Riyadh on October 30, 1999. The two sides discussed the bilateral relations in the field of petroleum.

The two sides shared the view that the stability of the international oil market is in the interest of oil producing and consuming countries and health of the world economy. Both sides agreed that Saudi Arabia is a large dependable, reliable and secure petroleum supplier, while China is a large dependable and reliable consumer, therefore, the two countries are strongly complementary to each other in this field. Both sides expressed their willingness to establish long-term friendly and cooperative relationship in the field of petroleum.

Both sides agreed to facilitate investments in refining, petrochemical sectors and petroleum technical services cooperation in their respective countries. Both sides also agreed to encourage their enterprises to actively engage themselves in the scientific and technological cooperation, experience exchange and personnel training activities.

Both sides wish to further strengthen bilateral exchange, establish the contact channels between the respective institutions, meeting periodically or whenever is needed to enhance mutual understanding and friendship.

Signed by the respective representatives of the two governments in Riyadh on October 31, 1999.