Middle East

Aramco is discussing further investment in China

Oil giant Saudi Aramco is discussing further investment in China with its Chinese partners, CEO Amin Nacelle said Monday.
“China is an important part of Aramco’s base,” Nacelle told reporters on the sidelines of the conference in Saudi Arabia.
“And we are currently discussing further investments with many partners in China,” he said, refusing to reveal the nature and size of potential investments.
Last year, Nasser expected Aramco to invest more in downstream projects in China, the world’s largest oil importer, to meet the needs of mass transit and chemicals, as well as lubricants and non-metallic materials. Said that.
He said at a meeting on Monday that global oil demand is approaching pre-pandemic levels, but investment in this sector is inadequate to sustain global supply in the short to medium term.
Aramco is working to increase its maximum sustained capacity to 13 million barrels per day by 2027, Nacelle told reporters.
“It will be built in stages from 25 to 27 years,” he said.
The company plans to allocate more capital to its investment, including increasing maximum sustainability and gas supply.
“Shortly after announcing the number, we’ll get a call about revenue and we’ll elaborate on what we’re doing,” he asked when asked if Aramco would take advantage of the increased revenue from rising oil prices. I answered. Capital spending or dividends.
“But definitely more capital allocation for our investment,” he said.
Global investment in the oil and gas sector has halved since 2014 to reach $ 350 billion, according to Nacelle.
“We have now seen very high energy prices in Europe and parts of Asia, affecting customers around the world,” he said.
“This is primarily due to strategies and policies that have reduced investment in specific sectors … advocated and supported only renewable and alternative energies, but sufficient to support healthy growth. There is a supply. “
Aramco completed the world’s largest initial public offering in late 2019, raising $ 29.4 billion on the Riyadh Stock Exchange.
Saudi authorities have previously raised the possibility of selling more shares in Aramco.
In response to the question of whether to sell Saudi Aramco’s shares in Saudi Arabia or abroad, Nasser said, “This is a government decision for major shareholders to decide whether to list Saudi Aramco further.” Said.

http://www.gulf-times.com/story/710348/Aramco-in-talks-on-more-investments-in-China Aramco is discussing further investment in China

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