Saudi Aramco is actively exploring more investment opportunities in China, according to President and CEO Amin H Nasser.
Speaking at the China Development Forum in Beijing, Nasser said that China constitutes a major market for Saudi Aramco and a key element in the energy giant’s global strategy, reported the Saudi Press Agency (SPA).
Furthermore, Aramco’s CEO highlighted the company’s current investments in China, noting that Aramco has major investments in Fujian, Liaoning, Zhejiang and Tianjin. He emphasized that Aramco continues to explore more investment opportunities in the sectors of energy, chemicals and technology.
Nasser pointed to China’s development plans which require energy and industrial raw materials, saying that Aramco supports China’s energy and chemical security, by investing in multiple projects in the refining, chemicals, and marketing sectors.
In the light of this, Nasser said: “China is the world’s largest consumer and producer of petrochemicals, accounting for about half of the global demand. It has also become a global hub for the entire chemicals industry value chain, which will be critical for future industries.”
Moreover, he noted that China “holds a key position in Aramco’s global strategy.” Hence, Aramco, as a long-term investor, is actively seeking more growth opportunities in the country.
Nasser also pointed to the vital role of oil and gas in China’s economic growth, expecting a shift in oil demand from light transport to petrochemicals due to an increasing need for plastics, synthetic fibers, and advanced materials.
Saudi Aramco CEO added that the reliable supply of these materials will be critical to China’s high-quality critical growth industries, such as wind and solar energy, automotive, aerospace, and construction.
