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- Saudi Arabia also sees big potential in supplying China’s requirements for refined products and petrochemicals
DUBAI: Saudi Aramco has pledged a 50-year partnership with China in energy and closer co-operation to develop new technologies to combat climate change.
Speaking at the 2021 China Development Forum, Aramco Chief Executive Officer Amin Nasser said: “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.
“To help China meet its innovation, modernization, and sustainability goals, Aramco’s Research Center in Beijing is already working with Chinese universities and companies in areas such as cleaner engine-fuel systems of the future, catalytic crude-to-chemicals technology, and focusing heavily on reducing and removing greenhouse gas emissions.”
Saudi Arabia also sees big potential in supplying China’s requirements for refined products and petrochemicals, as well as new fuel technologies.
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“Additional collaboration is likely on blue hydrogen from hydrocarbon resources and low carbon products; blue ammonia; synthetic fuels; carbon capture, utilization, and storage; and materials science,” Nasser said.
China is the world’s biggest energy importer, and Saudi Arabia is already one of its biggest suppliers of crude oil.
“As a new era begins, we look forward to contributing even more to China’s economic development and common prosperity. Every step of the way we aim to be side-by-side with our Chinese partners, delivering these strategic, value-adding, parallel priorities,” he said.
President Xi Jinping announced last year that China was aiming to become a “net zero” energy economy by 2060.
Nasser said: “We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition. So are realistic roadmaps and practical priorities.
“One priority is developing new energy infrastructure, fixing the technical and economic challenges new sources of energy face. But realistically this will take some time since there are few alternatives to oil in many areas,” the Aramco CEO said.