OIL OUTLOOK

China vital to Saudi Aramco’s future growth, CEO says

Amin Nasser says demand for oil will continue to be robust in the world’s No. 2 economy, even amid transition to non-carbon energy sources

Amin H. Nasser, President & CEO of Aramco. (Photo: Getty Images)

Saudi Aramco, the world’s largest oil company, sees China as vital to its future business growth.

Speaking at the China Development Forum 2024 in Beijing on Sunday, Aramco President and CEO Amin H. Nasser cited data showing that demand for oil will continue to be robust in the world’s No. 2 economy.

He also pointed to joint interests in renewable energy and materials manufacturing. “We are not mere investors, and China is not just a market to us,” Nasser said. “We want to be a partner of first resort in China’s economic development journey, as new opportunities clearly come into focus.”

On Monday, the Saudi Ports Authority announced a new shipping route connecting Damman, the center of the kingdom’s oil industry, to ports in Shanghai, Xiamen, Dachan Bay and Qingdau in China.

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