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  • 27-03-23

    Saudi Aramco CEO Affirms Support for China's Energy Security, Development

    (MENAFN) At the China Development Forum in Beijing on March 26, CEO of Saudi Arabian Oil Co. (Aramco), Amin Nasser, affirmed the company's support for China's long-term energy security and development. Nasser stated that Aramco has partnerships and emission-reducing technologies with China to produce lower-carbon products. The company aims to be an all-inclusive source of energy and chemicals for China's energy security and high-quality development, including new lower carbon products, chemicals, and advanced materials, all supported by emissions reduction technologies.

    Nasser further emphasized that Aramco's plans to increase its oil production to 13 million barrels per day by 2027 will strengthen China's long-term energy security. He stated that Aramco's view of the energy future closely aligns with China's, and, like China, the company thinks in decades, not quarters. Additionally, Aramco is looking for global investment opportunities in liquefied natural gas to further diversify its portfolio.

    As the energy transition evolves, Nasser revealed that Aramco is steadily adding lower carbon energy to its portfolio, such as blue hydrogen and blue ammonia, electro fuels, and renewables. The company is also evaluating an entry into liquefied natural gas. Nasser believes that material transition supported by technological advancements and innovation is necessary to achieve energy transition goals within the stipulated target time.

    Earlier in March, Aramco reported record net profit growth of 46.46 percent in 2022, driven by higher oil prices, increased volumes sold, and improved margins for refined products. Nasser emphasized that the energy transition will only happen if affordability, supply security, and sustainability are ensured. He stated that material transition supported by technological advancements and innovation is crucial to achieving energy transition goals.

    Nasser's speech at the China Development Forum highlights the importance of global partnerships in achieving sustainable energy goals. Aramco's support for China's energy security and development demonstrates the company's commitment to meeting sustainable targets and reducing emissions. As the energy transition continues to evolve, Aramco's focus on lower carbon energy and material transition will play a crucial role in achieving a sustainable future.

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