Saudi Gazette report

BEIJING —Saudi Aramco President and CEO Amin Nasser affirmed that the company continues to explore new and additional investment opportunities in China, a major market for Saudi Aramco and a key component of the company's global strategy.

Nasser was speaking at the China Development Forum in Beijing, which was held on March 23 and 24, under the theme "Unleashing the Momentum of Development for Stable Global Economic Growth”.

Nasser said Saudi Aramco's most important investment destinations are in China — in the provinces of Fujian, Liaoning, Zhejiang, and Tianjin — and he stressed that the company will continue to explore more investment opportunities in the fields of energy, chemicals, and technology development.

He also pointed to China's development plans, which focus on quality and its need for energy and industrial raw materials. Aramco supports China's energy and chemical security by investing in multiple projects in the refining, chemicals, and marketing sectors.

“China is the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global chemical demand. It has become a global hub for the entire chemical industry value chain, and this will be of great importance for future industries.” Nasser said.

He added: "China occupies a key position in Saudi Aramco’s global strategy. As long-term investors, we at Saudi Aramco remain excited about the tremendous and growing opportunities in China, and we want to strengthen our existing relationship and take it to new heights.”

He emphasized that oil and gas remain key components of China's economic growth equation, predicting that demand for oil in China will shift from light-duty transportation fuel to petrochemicals due to the growing need for plastics and synthetic fibers. A reliable supply of these materials will be essential for China's important, high-quality growth sectors, as these materials are used in areas such as wind energy, solar energy, the automotive industry, aerospace, and construction.