Aramco hunts for new China investments as oil profit slips
Saudi interest reflects China's position as the world’s largest consumer and producer of petrochemicals, accounting for half of global demand
Zhang Xiangyi/China News Service via Getty Images
Amin Nasser, CEO of Saudi Aramco, speaks at the China Development Forum in Beijing
Amid shrinking profits, Saudi Aramco CEO Amin Nasser said the world’s biggest oil company is shopping for new investments in China.
Nasser spoke in Beijing on Monday at the China Development Forum, where he said Aramco is “currently” supporting projects in the areas of Fujian, Liaoning, Zhejiang and Tianjin.
“I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology,” Nasser said.
Aramco’s interest in China, Nasser said, rests partly on its emergence as the “world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand, and it’s becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future.”
The conference in Beijing was the first stop for international executives and policymakers trying to navigate trade tensions between the U.S. and China, with the subject hitting center-stage this week at the Boao Forum for Asia in Hainan.