CHINA's energy trade with the Middle East is set to surge over the coming years, with petrochemicals leading the way, reports Hong Kong's South china Morning Post.
By 2030 trade between the two will have risen by US$423 billion annually, with renewables and petrochemicals accounting for $77 billion and $325 billion, respectively, according to Ken Liu, head of China and Hong Kong renewables, utilities and energy research at UBS Investment Bank.
'We believe the Beijing Accord of March 2023 has significant economic and market implications that investors may have overlooked,' he said.
'We see energy representing a more trade-focused collaboration than seen to date, with likely more immediate monetisation potential and thus a quicker potential impact on share prices,' Mr Liu said.
In March 2023, Iran, Saudi Arabia, and China issued a joint statement announcing an agreement to restore diplomatic ties between the two Middle Eastern countries after years of hostility.
The deal was brokered by China after four days of undisclosed negotiations among top officials from the two countries in Beijing.
SeaNews Turkey
By 2030 trade between the two will have risen by US$423 billion annually, with renewables and petrochemicals accounting for $77 billion and $325 billion, respectively, according to Ken Liu, head of China and Hong Kong renewables, utilities and energy research at UBS Investment Bank.
'We believe the Beijing Accord of March 2023 has significant economic and market implications that investors may have overlooked,' he said.
'We see energy representing a more trade-focused collaboration than seen to date, with likely more immediate monetisation potential and thus a quicker potential impact on share prices,' Mr Liu said.
In March 2023, Iran, Saudi Arabia, and China issued a joint statement announcing an agreement to restore diplomatic ties between the two Middle Eastern countries after years of hostility.
The deal was brokered by China after four days of undisclosed negotiations among top officials from the two countries in Beijing.
SeaNews Turkey