Saudi Aramco to prioritise energy supply to China for 50 years
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, CEO Amin Nasser told the China Development Forum.
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% to 1.86 million barrels per day, China customs data showed.
"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 in a video speech. "We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition … But, realistically, this will take some time since there are few alternatives to oil in many areas."
Besides being a top supplier of China's energy needs, Nasser said Aramco was also well-placed to help China achieve its second centennial goal in energy transition.
"The state oil giant also expects opportunities for further investment in downstream projects to help to meet China's needs for heavy transport and chemicals, as well as lubricants and non-metallic materials," Reuters cited him as saying.
He added that Aramco was 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.
"In fact, we have even bolder ambitions to expand and intensify our research collaboration with China," Nasser said, adding that additional collaboration was likely on so-called blue hydrogen, ammonia and carbon-capture technologies, among others.