Saudi Arabia previously signed in February 2019 several memorandums of understanding for an investment of US$21bn in various sectors of the Pakistani economy, including for the project of a deep conversion refinery and petrochemical complex with an investment of US$12bn.

Saudi Arabia is China's top crude supplier with most of the country's refineries designed to crack Middle East crudes.

The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income

The areas of potential cooperation include upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen.

Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce

Prince Abdulaziz bin Salman met Deputy Prime Minister Alexander Novak on Thursday at the St. Petersburg International Economic Forum, a flagship conference that almost all Western officials and business executives are avoiding this year following Russia’s invasion of Ukraine.

Aramco announces first quarter 2022 results Net income: $39.5 billion (Q1 2021: $21.7 billion)

Both the companies will work together in areas of blue and green hydrogen and various clean energy initiatives, according to a statement.