Aramco seeks to be key partner in China's economic development journey: Nasser

Amin Nasser, CEO of Saudi Arabian Oil Co. (Saudi Aramco)

Saudi Arabian Oil Co. (Saudi Aramco) seeks to be a partner of first resort in China’s economic development journey, as new opportunities clearly come into focus, said President and CEO Amin Nasser.

"We are not mere investors, and China is not just a market to us," Nasser said in his speech at China Development Forum held in Beijing.

He outlined the possibility of enhancing cooperation with Chinese partners, referring to the areas that would boost cooperation between Aramco and its strategic Chinese partners, through carbon capture techniques, materials development, and the chemicals sector.

"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," the CEO said.

Indeed, these are the moments when the value of trusted partners is truly revealed; hence, Aramco is proud to be one of China’s most reliable energy suppliers, the CEO said.

He added that the oil giant is still committed to its firm goal of achieving energy security in China in the long term, which will drive further growth and development in the country.

It is equally clear to Aramco that 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," according to Nasser.

Regarding Aramco's presence in China's chemicals sector, Nasser said this country 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," he noted.

The strategic goals of both parties 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," Nasser noted.

Aramco is also actively developing additional investment opportunities with its Chinese partners to help build a world-leading chemicals sector.

Lower carbon energy is clearly an area of global importance, including the climate ambitions of both 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," the top executive said.

As for the possibilities of close cooperation between Aramco and China in the field of technologies, Nasser said there is a strategic area of cooperation between the two parties, which 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. So there are attractive opportunities for China and Aramco to join hands in all these areas," the CEO concluded.