Aramco explores new investment opportunities in China: CEO

Saudi Aramco President and CEO Amin Nasser said the company continues to explore new and additional investment opportunities in China.

Nasser pointed out that China represents a large market for Aramco and is a key element in the company's global strategy. He further explained that China is one of the main investment destinations for the company, with its current investments spread across the provinces of Fujian, Liaoning, Zhejiang, and Tianjin, Argaam reported, citing a press release at China Development Forum in Beijing.

He further explained that the opportunities the company seeks to explore include energy, chemicals, and technology development sectors. He emphasized that China is the world’s largest consumer and producer of petrochemicals, accounting for nearly half of the global demand for chemicals.

Regarding the growing demand for oil in China, the CEO highlighted that oil and gas are essential components of China's economic growth equation. However, he anticipates that, over time, China's demand for oil will shift from its use as fuel for light transport to its use in petrochemical production due to the increasing need for plastics, synthetic fibers, and other advanced materials.

Nasser emphasized that ensuring a reliable supply of these materials will be crucial for important and high-quality growth sectors in China, as these materials are vital for industries such as wind energy, solar energy, automotive, aerospace, and construction.