Saudi Aramco explores new areas of cooperation in chemicals and materials with China

At the China Development Forum 2024, Amin Nasser, the president of Saudi Aramco, delivered a keynote speech, elaborating on the vision of deepening cooperation between Saudi Aramco and China in fields such as chemicals and advanced materials.

Nasser pointed out that energy trade is only the foundation of the strategic cooperation between Saudi Aramco and China. In the future, the cooperation between the two sides should not be limited to investment in the energy field. Saudi Aramco hopes to become Chinas preferred partner on the path of economic development because both sides have clearly seen new cooperation opportunities.

He mentioned that Saudi Aramco will carry out extensive cooperation with China in five key fields: chemicals, advanced materials, advanced emission reduction technologies, low - carbon energy, and cutting - edge technologies.

Regarding chemicals, Nasser said that China accounts for 40% of global chemical sales, and Saudi Aramcos subsidiary, Saudi Basic Industries Corporation (SABIC), has world - class chemical strength. The two sides have launched a number of new cooperation projects, including Saudi Aramcos acquisition of shares in Rongsheng Petrochemical of China and the joint construction of a $12 billion petrochemical project in Liaoning.

In the field of advanced materials, Saudi Aramco has cooperated with the China Building Materials Academy to establish a non - metallic materials innovation center in Beijing to develop low - carbon - emission materials. Nasser pointed out that this will help create materials with a lower greenhouse gas intensity, especially for applications in the construction field.

The third cooperation field is advanced emission reduction technologies. Nasser agreed with Chinas prudent and practical approach to energy transformation, believing that there is great room for cooperation between the two sides, which is expected to promote environmental protection and create a new industrial chain with global influence.

Low - carbon energy is also a key area of focus. Nasser emphasized that China has significant advantages in renewable energy and materials, which coincides with Saudi Aramcos development ambitions in the fields of [wind energy, etc.].solarIn addition, Nasser also revealed that Saudi Aramco recently increased the size of its venture capital fund to $7.5 billion and will cooperate with China in areas such as industrial innovation, top - notch technology, and sustainable development.

Many analysts said that energy trade cooperation is undoubtedly the cornerstone of the relationship between Saudi Aramco and China. However, against the backdrop of the complementary industrial development of the two sides, there is indeed a broad hot spot for cooperation in emerging fields such as chemicals and advanced materials.

Some experts pointed out that both China and Saudi Aramco are key links in the global industrial chain. Their full cooperation will help optimize the global production capacity layout, promote the green and low - carbon transformation, and cultivate new economic growth points.

Other analysts believe that the cooperation blueprint elaborated by Nasser this time also reflects Saudi Aramcos vision of becoming a transnational integrated energy and materials company. It is expected that the two sides will accelerate their docking around the above - mentioned fields in the future.

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