Amin H. Nasser, CEO of Saudi Aramco, talks about the future of energy with China.
Amin Hassan Nasser, who is the CEO and President of Saudi Aramco, declared that their goal is to have a significant contribution to China's long-term energy security and high-quality development. This statement was made at the China Development Forum happening in Beijing.
Amin H. Nasser announced that Saudi Aramco plans to increase their oil production capacity to reach 13 million barrels per day in 2027. Additionally, they plan to boost gas production by over 50% by 2030 to assist China's goals in this area.
We are putting our efforts into finding answers to environmental problems. One of the solutions we are currently exploring is advanced carbon capture and storage (CCS) technology, as well as circular carbon economy technology. Additionally, we just created a fund for approximately $1.5 billion that can be used to invest in advanced technologies related to sustainability. The goal of this is to help us reach a place where emissions are at a net-zero level in the future.
Our goal is to provide China with everything it needs in terms of energy and chemicals to ensure its energy security and to facilitate its high-quality development. This is why we are focusing more on supplying China with energy products that produce lower carbon emissions, as well as chemicals and advanced materials that are supported by technologies aimed at reducing emissions.
Amin H. Nasser stated that he is excited about entering the Chinese market and believes that there is a significant opportunity for both parties to establish a top-notch downstream industry in China. He plans to focus on converting liquids into chemicals as part of their overall liquid-to-chemicals business expansion strategy. This presents a great opportunity for growth and success.
On Monday, Aramco announced that it has reached an agreement to purchase a 10% stake in Rongsheng Petrochemical Co. Ltd. for $3.6 billion. This move is part of Aramco's effort to expand its operations in China's downstream sector. As part of the deal, Aramco will provide 480,000 barrels per day of petroleum from Saudi Arabia to China's largest integrated refining and chemicals plant, which is run by Rongsheng.
According to a statement released by Aramco, Rongsheng has a valuable share of 51% in ZPC (also known as Zhejiang Petroleum and Chemical Co. Ltd). This company happens to be the biggest integrated refining and chemicals facility in China, with the ability to process 800,000 barrels per day of crude oil and create 4.2 million metric tons of ethylene annually.
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One day after Saudi Aramco's statement about starting the construction of their shared refining and petrochemical site in Panjin City, Liaoning Province, which is situated in northeast China, another news came. The announcement revealed that the project's total cost is expected to surpass $12 billion. This tremendous venture will consist of a refinery capable of producing a maximum of 300,000 barrels per day (bpd).
Previously, Aramco announced that the joint venture with Huajin group, known as Huajin Aramco Petrochemical Co. (HAPCO), which is partly owned (30%) by the Saudi company, will commence the building of the Panjin integrated refinery and petrochemical complex before June.
To put it differently, our aim is to provide China with a comprehensive selection of energy and chemicals for their lasting energy stability and exceptional advancement," he stated.
On Sunday, Amin H. Nasser announced that his firm is involved in "three important approaches" in China. Additionally, he expressed interest in exploring the possibility of entering the market for liquified natural gas.
According to Nasser, Aramco believes that forming a partnership with China to create an integrated downstream sector would be extremely beneficial for all parties involved. They are specifically interested in converting liquids into chemicals, as this aligns with their overall plans to expand their liquid-to-chemicals business.
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