Aramco wants to be all-inclusive energy, chemicals source for China’s energy security: Nasser

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco President & CEO Amin H. Nasser said that the company wants to be an all-inclusive source of energy and chemicals for China’s long-term energy security and high-quality development.

In his keynote speech at the China Development Forum (CDF) today, March 26, Nasser stated: “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies.”

The CEO noted that a major win-win opportunity to build a world-leading, integrated downstream sector in China, with special emphasis on the high conversion of liquids directly into chemicals as part of the company’s broader liquid-to-chemicals business expansion plans.

Reducing emissions from hard-to-abate sectors such as steel and aluminum, cement and concrete is essential to China’s high-quality development, he said, adding that Aramco is partnering with BAOSTEEL to produce steel plates in Saudi Arabia with a lower carbon footprint.

He further pointed out that this is a great example of the multiple and highly attractive opportunities for Chinese companies in the Kingdom in a variety of energy and non-energy areas. More broadly, Aramco is developing advanced, more sustainable materials such as those based on polymers and carbon to complement conventional ones, while reducing their high cost.

The oil giant’s view of the energy future, and the most realistic path to get there, closely aligns with China’s, Nasser noted.

The CEO stressed that conventional energy sources and alternatives will have to work in parallel for decades to come, as China cannot achieve its climate change mitigation goals at the expense of energy security.

“Aramco and China think in decades, not quarters,” Nasser said.

The world’s largest crude exporter is also evaluating an entry into liquified natural gas, and is steadily working on adding lower carbon energy to its portfolio, particularly blue hydrogen and blue ammonia, electrofuels and renewables.

Nasser stated that Aramco is developing more efficient and lower-emission engines and hybrid systems since cars with conventional engines will likely to dominate roads for quite some time.