Aramco President & CEO, Amin H. Nasser, today said the company continued to identify additional investment opportunities in China, which he said “occupies a key position in Aramco’s global strategy.” Nasser underlined Aramco’s ongoing activities in China in a speech at the China Development Forum in Beijing. 

On Aramco’s investment activity in China, Nasser said: “In China, Aramco is actively supporting energy and chemical feedstock security by investing in multiple downstream projects. In fact, China is among our key investment destinations. Our investments are currently in Fujian, Liaoning, Zhejiang and Tianjin. I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology.” 

On China’s role in the global economy, Nasser said: “China is already the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand. And it is becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future…. China occupies a key position in Aramco’s global strategy. I can assure you that as long-term investors, we at Aramco remain excited about China’s vast and growing opportunities. In fact, we want to build on our strong existing relationship, and take it to new heights.” 

On China’s evolving oil demand, Nasser said: “Oil and gas remain critical to China’s economic growth equation. That said, our expectation is that, over time, oil demand here will shift from light transport toward petrochemicals due to a rising need for plastics, synthetic fibers, and other high-end materials. A reliable supply of these materials will be essential to China’s high-quality critical growth industries – including wind and solar energy, automotive, aerospace, and construction.”