A long-term partnership with Saudi Aramco could help China meet its energy security, economic development, and climate change mitigation goals, according to an official from the firm.
Aramco senior vice president Mohammed Al Qahtani made the claim while speaking at the third Qingdao Multinationals Summit in the Shandong Province, saying his firm’s support will allow China to create a modern, efficient downstream sector in Shandong, with lower emissions.
“This includes our special interest in large, integrated downstream projects with high conversion into chemicals. In fact, with SABIC joining the Aramco family, and with nearly 3,000 chemical enterprises already in Shandong Province, we could jointly create a chemicals sector to rival any in the world,” he added.
Shandong is China’s third-largest province in terms of gross domestic product and accounts for 26 percent of the nation’s refining capacity.
Al Qahtani said: “Saudi Vision 2030 offers major new supply chain opportunities for Shandong companies in the Kingdom. The impact of an Aramco ‘one-stop shop’ on Shandong would be profound. And it would solidify Shandong’s crucial role in making some of China’s most important goals a reality.”