About $5 trillion in ship-borne trade passes every year though the energy-rich, strategic waters of the South China Sea, where China's territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.

China and Saudi Arabia discussed growth prospects and areas of cooperation and found mutual interests in crude oil storage, logistics, infrastructure, industrial development, mining, technology, energy, renewables and sovereign wealth funds, according to the ministry statement.

"Memorandum of understandings (MoUs) worth over $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream have been signed with Chinese companies,"

"On the issue of territory and disputes over maritime delineation, China does not accept any dispute resolution from a third party and does not accept any dispute resolution forced on China."

The Chinese, through a statement by the Foreign Ministry last Sunday, said the two countries “have overlapping claims for maritime rights and interest.”

The parties addressed further steps in the bilateral strategic partnership in the gas industry, particularly Russian gas exports to China. Among other issues discussed were prospects for cooperation in the field of underground gas storage and power generation in China.

The agreement provides for the entry of ChemChina into the FEPCO equity capital with a stake of 40% and for the proportional financing. The parties intend to conduct joint analysis aimed at the specification of niche markets for FEPCO products based on the capabilities of the partner that enjoys a robust position in the Asia-Pacific markets.

"We are glad that we've managed to maintain our positions on traditional markets, primarily in Europe," Sechin said pointing out to recent agreements with PKN Orlen to increase deliveries to Poland and the Czech Republic.

The claim relates to a U.K. joint venture between the Chinese and a Canadian firm which the Spanish oil producer acquired last year.

Among the major shareholders of Yamal LNG are local gas producer Novatek (50.1%), Total (20%) and CNPC (20%). The Silk Road Fund has become the second Chinese strategic investor in the project, after China National Petroleum Corp. (CNPC) provided $5 B of investment for Yamal LNG. Under the terms of the agreement, the Silk Road Fund will provide approximately $800 MM for the implementation of the project over the next several years.