Saudi Aramco seeks to boost investments in China: CEO

Saudi Aramco is ready to increase investments in energy-related infrastructure to ensure China, as well as all the Belt and Road partner countries, have access to reliable long-term energy supplies, CEO Amin Nasser said in a keynote speech at the China Development Forum (CDF).

“Clearly, having adequate, reliable, affordable and clean energy will be critical to the continued development of China and the broader global economy,” he said, according to a statement on Saudi Aramco’s website.

“A pragmatic mix of cleaner oil and gas, as well as the evolving energy sources will help achieve both of China’s cleaner energy and economic goals,” Nasser further added.

On the sidelines of CDF, Nasser met with China’s Premier, Li Keqiang, who welcomed Saudi Aramco’s investments in an integrated downstream joint venture (JV) in Panjin City in Liaoning province.

“Saudi Aramco is committed to follow up on the project after the signing of the agreement in February 2019 during the visit of the Saudi Crown Prince Mohammed Bin Salman to China,” Keqiang said.

During the Crown Prince’s visit to China last February, Saudi Aramco signed several business agreements with Chinese energy entities, including:

- An agreement to form a JV with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in Panjin in the Liaoning province of China.

- Two agreements to acquire a 9 percent stake in Zhejiang Petrochemical’s 800,000 barrels per day integrated refinery and petrochemical complex, located in Zhoushan.