Saudi Aramco's President and CEO, Amin H. Nasser, outlined today the potential for enhancing cooperation with Chinese partners. Speaking at the Chinese Development Forum in Beijing, Nasser emphasized the possibilities of supporting comprehensive economic globalization through a closer relationship between Aramco and its partners in China.
Nasser specifically reviewed areas that could bolster cooperation between Aramco and its strategic Chinese partners, particularly in emissions reduction technologies, materials development, and the chemicals sector. Regarding Aramco's future activities in China, Nasser stated, "It is clear to us that with China focusing on achieving high-quality development, greater investment and cooperation opportunities are beginning to emerge."
He added, "For this reason, China occupies a very important position in our global investment strategy. In fact, Aramco was among the leading direct investors in China over the past year. However, we are not just investors, and China is not merely a market for us. We want to be the primary partner in China's economic development journey, with a clear focus on new opportunities."
On Aramco's presence in the chemicals sector in China, Nasser noted, "China already represents 40% of the global chemicals sales volume, and Aramco has also gained significant standing in this field, holding a majority stake in SABIC, a global leader." He mentioned that "this is crucial for our plans to raise production from liquid-to-chemicals conversion to four million barrels per day by 2030. I believe that the strategic goals of China and Aramco in the chemicals sector are perfectly aligned."
He highlighted that Saudi Aramco made early strides last year, signing two multi-billion-dollar investment agreements in the liquid-to-chemicals conversion sector in China. "We are currently developing additional investment opportunities with our Chinese partners to help build a globally leading chemicals sector."
Regarding the prospects of cooperation between Aramco and China in emissions reduction, Nasser stated, "It is clear that low-carbon energy is a field of global importance, which includes the climate ambitions of our two countries. China has distinct strengths in renewable energy and bio-materials, while the Kingdom and Saudi Aramco have clear objectives regarding solar energy, wind energy, hydrogen, and electric fuels. These fields have significant long-term potential, so combining our strengths could align with our ambitions."
As for opportunities for close cooperation between Saudi Aramco and China in technology, he pointed out that "there is a strategic area for collaboration in venture capital, where we recently doubled the funding of our venture capital arm to reach $7.5 billion, focusing on industrial innovation, revolutionary technologies, and sustainability. There are attractive opportunities for China and Aramco to collaborate in all these areas."
