Aramco in talks over ‘huge’ Chinese partnerships; sees continued demand for energy, petchem: CEO

CEO Amin Nasser

Amin Nasser, President and CEO of Saudi Aramco, revealed that talks are ongoing with several Chinese entities for investing in “huge” partnerships, which will be announced within one to two years.

In a statement to Al-Arabiya TV, Nasser confirmed the Kingdom's firm relationship with China, which has been marked by prosperity in recent years. This has allowed the two countries to form strong partnerships and cooperate in projects that promote economic growth, he added.

Aramco’s interest in the Far East markets includes several countries with high consumption such as South Korea, said the CEO, pointing to the massive Shaheen project in Ulsan, which is valued at SAR 26 billion.  

The latter petrochemical project is part of the oil giant’s future vision for its global footprint and programs in terms of converting liquids into chemicals through new technologies developed by the company, for which it has intellectual property rights.

Elsewhere, Nasser projected global demand for energy and petrochemicals to continue to increase in the long term. He indicated that Aramco is working on developing production technologies, as a sustainability fund was established at a value of SAR 5.6 billion to invest in technology that can support the energy transition in a stable and comprehensive manner.

He also noted that the size of the company's funds associated with technology and entrepreneurship has exceeded SAR 13 billion.

Nasser also expected Aramco’s 2023 capital expenditures to range between SAR 169-206 billion, including foreign investments, with an increase in investment spending until about the middle of the current decade.

The oil giant recorded a 51% leap in profit, after minority interest, to SAR 598.4 billion in 2022, compared to SAR 395.2 billion a year earlier. In Q4 2022, net profit, after minority interest, grew 9% year-on-year to SAR 126.5 billion, according to data available with Argaam.