OUR BUSINESS

Nasser: Aramco committed to China’s economic vision

CEO addresses China Development Forum.

China’s economic vision for accelerated modernization, innovation, and sustainability is well matched with Aramco’s own strategic goals for cleaner energy and a faster, smoother global energy transition.

That was the message of Aramco president and CEO Amin Nasser, in a speech given at the China Development Forum on March 21.

The forum took place at a time when the global economy is emerging from a period of economic uncertainty, paired with the need for cleaner energy solutions to meet the challenge of climate change. Nasser congratulated China’s leadership for their country’s swift economic recovery and for meeting its first centennial goals, alleviating poverty and doubling the per capita GDP of Chinese citizens in under a decade. He added that Aramco would work side-by-side with China to achieve its second centennial goals in the next decade and beyond.

“Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond,” Nasser said.

Aramco’s strategic goals seem tailor-made to play a pivotal role in the next stage of China’s economic development. Aramco can assist China in its innovation, accelerated modernization, and sustainability goals, as well as drive a faster, smoother global energy transition by focusing on all the priorities in parallel.

Committed to confronting climate change

Like China, Aramco remains committed to the goals of the Paris Agreement to address the global challenge of climate change. And like China, Aramco believes that global industries and signatories must work together with realistic roadmaps and practical priorities.

“We must further reduce the carbon footprint of these important existing sources of energy,” Nasser said. “It is an essential worldwide mission for economies and societies, and the future of our planet. And it is precisely what we are doing at Aramco.”

“One priority is developing new energy infrastructure, and fixing the technical and economic challenges new sources of energy face,” Nasser said. “But, realistically, this will take some time since there are few alternatives to oil available in many areas. That is why we believe new and existing energy sources will need to run in parallel for quite some time to come.”

Aramco Research centers help to meet innovation challenges

Aramco’s investments in integrated Downstream projects also have the potential to help meet China’s needs for heavy transport and chemicals, as well as lubricants and nonmetallic materials, Nasser said. And through its global network of research centers, Aramco can help China to meet its innovation, modernization, and sustainability goals.

Already, Aramco’s Research Center in Beijing is working with Chinese universities and companies in the following areas:

  • Cleaner engine fuel systems of the future
  • Catalytic Crude to Chemicals technology
  • And focusing heavily on reducing, recycling, and removing greenhouse gas emissions.

“As a new era begins, we look forward to contributing even more to China’s economic development and common prosperity,” Nasser said. “And every step of the way we aim to be side-by-side with our Chinese partners, delivering these strategic, value-adding, parallel priorities.”

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