'China expects Saudi, Iran to improve ties under Beijing brokered peace deal'

Weeks after China brokered a landmark peace deal between Iran and Saudi Arabia Chinese President Xi Jinping on Tuesday said he expects both countries to improve their ties as archrivals in the Middle East faced an array of challenges to implementing itXi in his phone conversation with Saudi Crown Prince and Prime Minister Mohammed bin Salman said it is hoped that Saudi Arabia and Iran will uphold the spirit of good neighbourliness and continue to improve their relations on the basis of the results of their talks in Beijing official media here reportedChina is ready to continue to support the followup process of the SaudiIranian talks Xi said referring to the Chinanegotiated peace deal between the archrivals to end their hostilitiesThe agreement signed on March 11 in Beijing was regarded as a major diplomatic coup for Chinas efforts to emerge as a major power rivalling the US to enlarge its strategic influence especially in the Middle EastThe IranSaudi rapprochement has been touted as a momentous development in the region But how it ultimately impacts the Middle East remains a very open question as the long adversarial powers are fighting a proxy war in Yemen and continue to support opposing sides across the region said a report by the US Institute of PeaceAmid perceived US retrenchment from the Middle East the deal is a diplomatic win for China as it increasingly seeks to present an alternative vision to the USled global order it saidFollowing the IranSaudi deal Xi during his March 20 visit to Russia made a strong pitch for RussiaUkraine peace talks to end their current war In his phone call with the Saudi Crown Prince Xi said with the joint efforts of China Saudi Arabia and Iran successfully held and achieved significant results helping the two countries to improve their relationsIt is a significant demonstration effect on enhancing the unity and cooperation of regional countries and easing regional tensions and thus having been widely praised by the international community he saidAlso read China India to contribute half of global economic growth in 2023 claims Chinese think tankIt is hoped that Saudi Arabia and Iran will uphold the spirit of good neighbourliness and continue to improve their relations on the basis of the results of their talks in Beijing Xi said adding that China is ready to continue to support the followup process of the SaudiIranian talksAs Xi and Crown Prince Mohammed held talks for the successful implementation of the deal both countries appear to be building a more meaningful relationship with a landmark USD 10 billion deal to construct a stateoftheart refining complex in northeastern Liaoning provinceUnder the deal announced on Sunday Riyadh will invest in the integrated refinery and petrochemicals complex to consolidate energy ties amid uncertainty over Russian supplies the Hong Kongbased South China Morning Post reported on TuesdayFor now analysts expect China to continue buying heavily discounted Russian crude but there are fears that USled sanctions against Russia for its war in Ukrainecould greatly disrupt the global oil supply chain leading to big price fluctuations Joey Zhou a Shanghaibased petrochemicals analyst told the PostWe expect Middle Eastern companies would be willing to participate in more joint ventures with Chinese firms to ensure they have a secure outlet for their oil he saidTo obtain a more competitive position for feedstock costs Chinese producers are also likely to welcome Saudi or Emirati funds by involving them in existing or new plans for integrated refinery and petrochemical complexes Zhou saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever