At the recent China Development Forum in Beijing, Aramco’s President and CEO Amin Nasser delivered a compelling speech regarding the expansion of partnerships with Chinese enterprises. Nasser’s vision, articulated in a press release, includes leveraging economic globalization and deepening Sino-Saudi ties through various sectors, particularly in emissions reduction, material sciences, and the burgeoning chemicals market.
Nasser praised China’s robust economic progression and its success in surmounting substantial obstacles. Highlighting the concept of trusted partnerships, he expressed that Aramco stands as a steadfast supplier of energy to China, reinforcing the company’s dedication to supporting China’s energy security and its ripple effect on economic prosperity.
Emphasizing the strategic interconnection between the two nations, Nasser referenced recent investments in China as part of Aramco’s global investment strategy. He aspires for Aramco to be the preferred partner in China’s economic evolution, particularly as new opportunities crystallize. With China controlling a significant portion of the global chemicals market, Aramco’s majority stake in SABIC positions it to reach an ambitious target of increasing its liquids-to-chemicals conversion capacity by 2030.
The alignment of strategic objectives, especially in the chemicals domain, has already spawned formidable collaborations, including substantial investment deals in China’s Zhejiang and Liaoning provinces. Nasser pointed out the global imperative of low-carbon energy, a mission that resonates with both Chinese and Saudi climate goals. He proposed that combining Chinese expertise in renewables and critical materials with Saudi interests in alternative energy forms could synchronize their respective ambitions.
Nasser also noted the potential for cooperation in areas like digital innovation and technologies associated with the Fourth Industrial Revolution. He highlighted Aramco’s venture capital arm, which has recently augmented its funds to $7.5 billion with a focus on innovation and sustainable ventures, as a gateway for future Sino-Saudi partnerships.