Aramco President & CEO outlines potential opportunities for cooperation with China
Amin H. Nasser, Aramco President & CEO, delivers a speech at the China Development Forum in Beijing on March 25, 2024.
Aramco President & CEO Amin H. Nasser today outlined the potential for further cooperation with Chinese partners. Speaking at the China Development Forum in Beijing, Mr. Nasser highlighted the possibilities of promoting inclusive economic globalization through a closer Aramco-China relationship.
In particular, he highlighted emissions reduction, materials development, and the chemicals sector as key areas of opportunity for both Aramco and its strategic Chinese partners.
On the strength of the Aramco-China relationship, Mr. Nasser said: “All of us at Aramco greatly admire China’s phenomenal accomplishments in recent decades, especially its remarkable economic growth and ability to overcome many challenges. Indeed, these are the moments when the value of trusted partners is truly revealed. At Aramco, we are proud to be one of China’s most reliable energy suppliers… 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.”
On Aramco’s future activities in China, Mr. Nasser said: “With China’s emphasis on high-quality development, even greater investment and cooperation opportunities are emerging… China has a vitally important place in our global investment strategy. In fact, Aramco was among the leading direct investors in China last year. But 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.”
On Aramco’s presence in China’s chemicals sector, Mr. Nasser said: “China is already a powerhouse representing 40% of global sales. Aramco has developed a formidable position as well, with our majority ownership of one of the world’s leading chemicals players, SABIC. This is crucial to our plans to increase liquids-to-chemicals throughput to four million barrels per day by 2030. I believe both our strategic goals in chemicals are well-aligned. 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… We are actively developing additional investment opportunities with our Chinese partners to help build a world-leading chemicals sector.”
On the potential impact of Aramco-China collaboration on emissions reduction, Mr. Nasser said: “Lower carbon energy is clearly an area of global importance, including the climate ambitions of both our nations. 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.”
On the possibilities for closer Aramco-China cooperation on technologies, Mr. Nasser said: “Another strategic area for collaboration is venture capital. Recently, we more than doubled the funding for our venture capital arm to $7.5 billion, with a focus on industrial innovation, disruptive technologies, and sustainability. There are attractive opportunities for China and Aramco to join hands in all these areas.”
For the full text of Mr. Nasser’s speech, visit: link
