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Saudi Aramco will prioritize China’s energy supply for 50 years, says CEO

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FILE PHOTO: A view shows tanks of branded oil at the Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS / Maxim Shemetov

BEIJING (Reuters) – Saudi Aramco will ensure that China’s energy security remains its top priority for the next 50 years and beyond, as new and existing energy sources will operate in parallel for some time, said Sunday CEO Amin Nasser at the China Development Forum.

Saudi Arabia, the world’s largest oil exporter, has beaten Russia to retain its rank as China’s top crude supplier in 2020 despite production cuts within the Organization of the Petroleum Exporting Countries and its allies.

The kingdom maintained its position as China’s top supplier during the first two months of this year.

We recognize that sustainable energy solutions are crucial for a faster and smoother global energy transition … But realistically this will take time as there are few alternatives to oil in many areas, said Aramcos Nasser in his video speech.

The state-owned oil giant also expects additional investment opportunities in projects to meet China’s needs for heavy transport and chemicals, as well as lubricants and non-metallic materials, a- he declared.

Chinese President Xi Jinping announced in September that China would peak its carbon emissions by 2030 and achieve carbon neutrality by 2060.

Experts from the China National Petroleum Corps (CNPC) research institute have predicted that China’s oil demand will be capped at 730 million tonnes by around 2025 as part of Xis’ climate pledge.

Nasser said Aramco is working with Chinese universities and companies in cleaner engine fuel systems and technologies to help 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 further collaboration is likely on so-called blue hydrogen and carbon capture technologies. , among others.

Reporting by Muyu Xu and Florence Tan; Edited by David Goodman

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