Saudi Aramco CEO Highlights China as a Key Market

President and Chief Executive Officer Amin H.Nasser says Saudi Aramco is really looking to enhance investment in additional opportunities in China.

At the China Development Forum in Beijing, Nasser mentioned that for Saudi Aramco, China is a critical market as it forms a very significant part of the company's overall global strategy, as was reported by the Saudi Press Agency (SPA).

He also pointed out ongoing investments in China, such as crucial projects earmarked for Fujian, Liaoning, Zhejiang, and Tianjin. The other sector where the company is looking for investment opportunities is energy, chemicals, and technology.

Also emphasized in Nasser's views is that, with China's development plans in need of energy and industrial raw materials, Aramco contributes to that energy and chemicals security in the market through investments in refin refining, chemicals, and production marketing.

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.”

However, he has stressed that China holds, "a strategic role in the global plan of Aramco", with the company actively looking at new growth opportunities in the region as it invests long in Aramco. The next aspect of the discussion was how oil and gas would play a vital role in China's growth and destiny because Nasser warned about the changing demand pattern of oil from light transport to petrochemical derivatives' products needed because of the increasing requirement for plastics and synthetic fibers to be used for advanced materials.

The CEO of Saudi Aramco added that that would be a very important part of this stable supply for China's high-end industries, like wind and solar energy, automotive, aerospace, and construction, about which all of them take into account as far as materials are needed for production.