Aramco eyeing investments in China

Saudi Aramco President and CEO Amin H Nasser has revealed the company’s interest in investing in China.

While talking to the press at the International Petroleum Technology Conference 2022 in Riyadh, Nasser asserted that Aramco has a huge interest in investing in the economic powerhouse.

“China is an important part of the sector. Definitely, we are looking for more investment in China. And we are currently in discussions with a number of our partners in China,” Nasser told Arab News.

However, Nasser refused to disclose more about any potential investments.

A recent Bloomberg report stated that Aramco is holding initial talks with partners, including the state-owned defense contractor Norinco, regarding the development of a $10 billion refining and petrochemicals complex in China.

Initial talks were supposed to begin in 2020. However, due to the oil crash triggered by the COVID-19 pandemic, they didn’t proceed.

However, with the price of crude oil approaching $100 a barrel, Aramco may now take another look at this investment in what is its biggest export market.