China is a major element in Aramco’s global strategy

The President of Saudi Aramco and its chief executive administrators, Eng. Amin Al -Nasser, said today that the company continues to explore new and additional investment opportunities in China, which is a large market for Saudi Aramco and a major element in the company’s global strategy.
During a speech at the Chinese Development Forum in Beijing, Al -Nasser talked about the current investments of Saudi Aramco and its continuous activities in China.
As for the Saudi Aramco investment activity in China, Al -Nasser said: “China is one of our most important investment destinations, and our investments are currently present in the provinces of Fujian, Willinning, Chigyang and Tianjin.”
He added: “I emphasize the word” currently “because we continue to explore additional opportunities, including energy and chemicals, as well as the development of technology.
He added that China is implementing an ambitious development plan that focuses on quality and needs energy and industrial raw materials, and Aramco supports energy security and chemicals in China by investing in multiple projects in the refining sector, chemicals and marketing.
Regarding the role of China in the global economy, Al -Nasser said: “China is the largest consumer and producer of petrochemicals in the world, and is approximately half of the global demand for chemicals. It has become a global center for a chain of value of the entire chemical industry, and this will be of great importance in future industries.
He continued: “China occupies a major position in the Saudi Aramco International Strategy. I can assure you that as long -term investors, we in Saudi Aramco are still enthusiastic about the enormous and growing opportunities in China. In fact, we want to strengthen our existing relationship, and take it into new horizons.”
Regarding the growing demand for oil in China, Al -Nasser said: “Oil and gas remain two basic elements in the equation of economic growth in China. However, we expect over time that the demand for oil in China will turn from fuel in the areas of light transport to use in the petrochemical industry due to the increasing need for plastic, industrial fibers and other advanced materials.”
He added: “The provision of reliable supplies of these materials will be necessary for the important and high -quality growth sectors in China. These materials are included in areas such as: wind energy, solar energy, auto industry, space, construction and construction.”