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Jeddah - Yasmine El Tohamy - RIYADH: Global energy giant Saudi Arabian Oil Co. has affirmed its support for China’s long-term energy security and development, as the Riyadh-based company works closely with Chinese entities to meet sustainable targets, its CEO said.  

Speaking at the China Development Forum in Beijing on March 26, Amin Nasser said that Aramco has partnerships and emission-reducing technologies with China to make lower-carbon products.  

“We want to be an all-inclusive source of energy and chemicals for China’s long-term energy security and China’s high-quality development – to the horizon, and even beyond,” said Nasser.  

He added: “That’s why we are doubling down on China’s energy supply, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies.”  

Nasser further pointed out that Aramco’s plans to elevate its oil production to 13 million barrels per day by 2027 will strengthen China’s long-term energy security.  

“Aramco’s view of the energy future, and the most realistic path to get there, closely aligns with China’s. And, like China, we think in decades, not quarters,” he said.  

During the speech, Nasser revealed that Aramco is looking for global investment opportunities in liquified natural gas.  

“We are steadily adding lower carbon energy to our portfolio, especially blue hydrogen and blue ammonia, electro fuels, and renewables. And we are evaluating an entry into liquified natural gas as well. As the energy transition evolves, there is also the critical issue of materials transition,” he added.  

The forum also witnessed Aramco signing agreements with Chinese partners to build a refining complex in the northeast region of China. 

During the event, Nasser said that Aramco has agreed to ink a deal with North Huajin Chemical and Panjin Xincheng to start construction on the refinery and petrochemical complex in Liaoning Province.  

Interestingly, an initial framework agreement to construct the refinery in Liaoning refinery was first signed during Saudi Arabian King Salman bin Abdulaziz’s visit to Beijing in March 2017.  

Later in 2019, Aramco agreed to set up a venture with Chinese partners, but the move was delayed due to the pandemic outbreak.  

“We see a major win-win opportunity to build a world-leading, integrated downstream sector in China, with special emphasis on the high conversion of liquids directly into chemicals as part of our broader liquid-to-chemicals business expansion plans,” said Nasser. 

Earlier in March, Saudi Aramco reported a record net profit growth of 46.46 percent in 2022 to SR604.01 billion ($161 billion), driven by higher oil prices, increased volumes sold and improved margins for refined products.  

During a press conference after announcing the financial results, Nasser told Arab News that the energy transition will happen only if affordability, supply security, and sustainability are ensured.  

He also added that material transition supported by technological advancements and innovation is pretty much necessary to achieve energy transition goals within the stipulated target time.  

“We are heavily investing in technology. We have 12 global centers, most of those work on sustainability. Material transition is critical for Aramco and others, because, without material transition, it will be difficult to achieve the aspirations of climate change,” he told Arab News.