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Saudi Aramco eyes strengthening cooperation with Chinese partners, CEO says

Aramco CEO Amin Nasser. Aramco
Aramco CEO Amin Nasser. Aramco
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26 Mar 2024 12:03:42 GMT9
26 Mar 2024 12:03:42 GMT9

Arab News

RIYADH: Energy giant Saudi Aramco is eager to enhance cooperation with China, particularly in areas such as carbon capture techniques, stated the company’s CEO. 

Speaking at a development forum held in Beijing, Amin Nasser expressed the aim to become a partner in the Asian giant’s economic journey. 

According to a press statement, the company has the potential to partner with Chinese entities in areas besides energy supply, including material development and the chemicals sector. 

Nasser said: “We are not mere investors, and China is not just a market to us. We want to be a partner of first resort in China’s economic development journey, as new opportunities clearly come into focus.”   

He further emphasized that Saudi Aramco is proud to be China’s most reliable energy supplier. 

The CEO added that the firm is committed to realizing its goal of achieving energy security in the Asian country in the long term, which will drive further China’s growth and development. 

“China has a vitally important place in our global investment strategy. In fact, Aramco was among the leading direct investors in China last year,” he added. 

Nasser emphasized Saudi Aramco’s significant presence in the chemicals sector, citing its majority shares in Saudi Basic Industries Corp. He highlighted plans to increase liquid-to-chemicals production to 4 million barrels by 2030. 

“So I believe both our strategic goals in chemicals are well-aligned. And we are already seeing Aramco action on the ground. There were two agreements last year for multi-billion dollar liquids to chemicals investments in China,” said Nasser.  

He added: “One is our acquisition of an interest in the Rongsheng Petrochemicals Co. in Zhejiang Province for $3.4 billion. The other is our partnership in Liaoning Province at a cost of approximately $12 billion.” 

Nasser highlighted strong opportunities for cooperation between Saudi Aramco and Chinese partners in sectors aimed at reducing emissions. 

“China has distinct strengths in renewables and critical materials, while Aramco and Saudi Arabia have a clear interest in solar, wind, hydrogen, and electro fuels. These areas have great long-term potential, and combining our strengths could match our ambitions,” he noted. 

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