Saudi Oil Company Aramco Tightens Ties With China

The Saudi state oil and gas group Saudi Aramco will further strengthen ties with China.

According to CEO Amin Nasser, the company wants to work more closely with China in reducing emissions and producing cleaner energy sources.

Aramco wants to collaborate with China on hydrogen, ammonia, synthetic fuels and the capture and storage of CO2. The company is working with Chinese universities to research ways to reduce Chinese emissions, Nasser said. Aramco plans to make more investments in China.

China, the second-largest economy globally, has a goal of becoming utterly climate-neutral by 2060. Among other things, the country is busy with electric driving and driving on hydrogen.

Furthermore, Saudi Arabia remained China’s leading oil supplier for the first two months of this year, with imports averaging 1.86 million barrels per day. “Ensuring the continued security of China’s energy demand remains our top priority for the next 50 years and beyond,” Nasser said in a video message following Aramco’s annual results.

Saudi Arabia is the world’s largest oil exporter. Although China itself also has significant oil companies, the country depends on imports from abroad for a large part of its oil needs.