RIYADH: Energy giant Saudi Aramco sees China as one of its key global investment destinations, with ongoing efforts to explore further opportunities across the power generation, chemicals, and technology sectors, according to its CEO.
Speaking at the China Development Forum in Beijing, Amin Nasser emphasized his company’s three-decade-long partnership with the Asian country and its commitment to future growth and innovation.
This comes as Aramco expands into new markets, including China, driven by the nation’s industrial growth, rising energy demand, and push for energy security.
In his speech, Nasser said: “In China, Aramco is actively supporting energy and chemical feedstock security by investing in multiple downstream projects. In fact, China is among our key investment destinations.”
He highlighted current investments in Fujian, Liaoning, Zhejiang, and Tianjin, adding, “I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology.”
Nasser also highlighted China’s role in the global economy, describing it as the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand.
“China is becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future. China occupies a key position in Aramco’s global strategy,” he said.
Aramco, as a long-term investor, is excited about the expanding opportunities in China, with Nasser expressing the company’s intent to elevate its relationship with the country.
He underscored the importance of reliable oil and gas supply to China’s economic growth, predicting a shift in oil demand from light transport to petrochemicals due to rising demand for plastics, synthetic fibers, and advanced materials.
“A reliable supply of these materials will be essential to China’s high-quality critical growth industries – including wind and solar energy, automotive, aerospace, and construction,” he added.
In November, Aramco — in partnership with China Petrochemical & Chemical Corp. and Fujian Petrochemical Co. — began construction on a refinery and petrochemical complex in China’s Fujian province.
At the time, the Saudi company said in a press statement that the facility would be fully operational by the end of 2030, featuring a 320,000-barrel-per-day oil refinery.
The complex will also include a 1.5 million-tonnes-per-year ethylene unit, a 2 million-tonne paraxylene unit with downstream derivatives capacity, and a 300,000-tonne crude oil terminal.
