AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in his speech on Monday at the China Development Forum in Beijing.
Nasser underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners and identified specific areas for increased cooperation, including emissions reduction technologies, materials development, and the chemicals sector.
He acknowledged China’s accomplishments and economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
He also emphasized the importance of “trusted partnerships”, stating that Aramco is one of China’s most reliable energy suppliers.
Nasser said, “Aramco’s commitment to China’s long-term energy security, which will drive this great nation’s further growth and development, is set in stone. It is equally clear to us that with China’s emphasis on high-quality development, even greater investment and cooperation opportunities are emerging.”
He also underlined that Beijing has an important place in the Kingdom’s global investment strategy, which led to investments in China last year.
He said, “We want to be a partner of first resort in China’s economic development journey, as new opportunities come into focus.”
China’s market strength accounts for 40 percent of global sales in chemicals, Nasser said.
He said, “Aramco is also well-positioned, holding a majority stake in SABIC, a world-leading chemicals player.”
He added that this “is crucial to Aramco’s ambitious goal of increasing liquids-to-chemicals throughput to four million barrels per day by 2030”.
Nasser also said that Aramco and China are strongly aligned in their strategic goals for the chemicals sector.
“This alignment presents significant opportunities for collaboration,” he said, adding that evidence of this includes two multi-billion-dollar liquids-to-chemicals investment agreements signed in China last year.
These agreements entail the acquisition of a stake in Rongsheng Petrochemicals Company in Zhejiang Province, valued at $3.4 billion, and a partnership established in Liaoning Province with a total investment of approximately $12 billion.
Nasser said lower carbon energy is a global priority that aligns with the climate ambitions of both China and Saudi Arabia.
He pointed out China’s strengths in renewables and critical materials, and Saudi Arabia’s interest in solar, wind, hydrogen and electro fuels.
Combining their strengths “could effectively match their ambitions”, said Nasser, pointing to shared ambitions in digital and Fourth Industrial Revolution technologies, as another area of collaboration.
He also said that Aramco’s venture capital arm, with its recent funding increase to $7.5 billion focused on innovation and sustainability, is an example of “attractive opportunities” for China and Aramco to partner.