Saudi Arabian multinational petroleum and natural gas company Saudi Aramco’s CEO, Amin Nasser has stated that the firm aims to “intensify and expand” its research collaboration with China in areas such as hydrogen and ammonia production from natural gas.
During the China Development Forum conducted in Beijing, Mr. Nasser said that Aramco is interested in collaborating with China on blue hydrogen and ammonia, synthetic fuels, and carbon capture, utilization, and storage.
“All of these are essential to achieving our long-term, low-carbon ambitions. We see opportunities for further investments in integrated downstream projects to help meet China’s needs for heavy transport and chemicals, as well as lubricants and non-metallic materials. Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time. The company is also working with Chinese universities and companies in cleaner engine fuel systems and technologies to convert crude to chemicals and to reduce greenhouse gas emissions from existing energy sources.”
As per the reports, the oil major is also sizing up possible investments in Chinese projects despite spending constraints arising from a period of low oil prices as a result of the coronavirus pandemic.
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1 percent to 1.86 million barrels per day (bpd), according to the China customs data.
The kingdom defeated Russia to keep its position as China’s top crude supplier in 2020, despite unprecedented production cuts in a pact between the Organization of Petroleum Exporting Countries and its allies to balance global markets after demand fell during the COVID-19 pandemic.
Besides being a top supplier of China’s energy needs, Mr. Nasser remarked that Aramco is also well-positioned to help China achieve its second centennial goal in the energy transition.