Oil & Gas

China plays a pivotal role in Saudi Aramco’s growth strategy, particularly in the downstream sector, as the company seeks to unlock new opportunities. Aramco’s President and CEO, Amin H. Nasser, highlighted the company’s ongoing efforts to explore additional investment possibilities in China, which remains a critical market for the Saudi oil giant.

China is a key component of Aramco’s global strategy, and the company is keen to strengthen its presence in this dynamic and expanding market.

Nasser provided an overview of Aramco’s current investments in China, emphasizing the importance of several provinces, including Fujian, Liaoning, Zhejiang, and Tianjin. These regions are central to Aramco’s downstream strategy, particularly in refining, petrochemicals, and marketing.

Aramco aims to expand its footprint in these high-value markets, while reinforcing its ambitious goal of converting 4 million barrels of crude oil per day into chemicals by 2030. The company is also working to secure long-term crude oil supply agreements in these critical areas.

The company’s investments in China are aligned with its broader strategy to support the country’s energy and industrial development. As China continues to prioritize quality over quantity in its growth, Aramco sees significant potential in contributing to the nation’s energy security and chemical industry.

The demand for petrochemicals, particularly for plastics, synthetic fibers, and advanced materials, is expected to rise in China, driven by industries such as wind energy, solar power, automotive, aerospace, and construction. This shift in demand is a major opportunity for Aramco, which is well-positioned to meet China’s evolving needs.

Aramco’s relationship with China dates back to 1991, and over the years, the company has steadily expanded its investments. The Saudi oil giant’s first investment in China occurred in 2007 in Fujian, followed by the Tianjin Petrochemical Project in 2009.

More recently, Aramco acquired a 10 percent stake in Rongsheng Petrochemical in 2023 and is involved in a series of projects with Sinopec, including a $12 billion integrated refinery and petrochemical complex in Liaoning Province. Aramco’s continued investments underscore its long-term commitment to China, with plans for further collaborations to enhance its refining and petrochemical capabilities.