Aramco committed to China's energy resilience
Aramco, one of the world's leading integrated energy and chemicals companies, has vowed to continue supporting China's long-term energy security and economic growth, eyeing greater investment and cooperation opportunities in the country, said a company executive.
"Aramco sees China as a vital part of our global investment strategy and we are actively exploring new joint ventures to support China's high-quality growth while meeting global energy demand sustainably," said Khalid Al Qahtani, Aramco senior vice-president of engineering services.
"We are currently investing in projects in China that have a collective and total value of over 240 billion yuan ($33.46 billion), with Aramco's share at over 90 billion yuan, spanning Fujian, Liaoning, Zhejiang, Jiangsu provinces, and Tianjin, focusing on downstream energy and chemical ventures," he said, adding that: "Aramco, as one of the most prominent direct investors in China, sees our role beyond investment. We aspire to be a key partner in the country's economic development journey while leveraging new opportunities on the horizon."
Al Qahtani said Chinese investors possess a wealth of technological know-how and project management expertise, which perfectly complement our strategic objectives.
"By working in close partnerships, we can enhance global energy resilience, create new employment opportunities and drive the advancement of sustainable technologies. Such investments can contribute to the growth of the energy sector by promoting the development of new technologies, improving the efficiency of energy production and consumption while promoting economic growth on a global scale."
Industry experts believe that as the world's largest energy producer, China has been positioning itself as a leader in sustainable development.
Foreign corporations' expansion in China's energy sector is proof that China's development is an opportunity, not a risk, for foreign companies, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.
Firms such as Aramco have been continuing to prioritize downstream assets in the country, with chemical product demand on course to grow along with economic recovery, Lin said.
China's investments in research and development have yielded transformative technologies. These advancements don't just benefit China, they inspire global innovation, he added.
Al Qahtani said the strategic partnership between Saudi Arabia and China, spanning over three decades, has been instrumental in advancing mutual priorities in energy and economic development.
In 2023, bilateral trade reached $110 billion, with Saudi Arabia accounting for 25 percent of China's trade volume within the Arab world.
Saudi Arabia is China's top seaborne crude oil supplier, while China is Saudi Arabia's leading trading partner and energy consumer.
Aramco has effectively stimulated technology and innovation in China for over 10 years. To date, 366 advanced technologies have been evaluated for deployment across corporate operations, enhancing reliability, asset integrity and sustainability.
"We aim to jointly develop and pioneer transformative technologies that will redefine the future of the energy industry with our Chinese partners. This collaborative approach is a clear testament to our unwavering belief in the power of collective progress and shared innovation."
