Remarks by Amin H. Nasser at the 2025 China Development Forum

Your Excellencies, distinguished guests, ladies and gentlemen: zǎo shang hǎo. 

It is a pleasure to be here and a privilege to attend the China Development Forum. Let me begin by commending the Ministry of Commerce for the theme. The further opening of the Chinese market, optimizing the business environment, and attracting more foreign investment are all initiatives Aramco appreciates.

Clearly, it is such strategic foresight which has propelled China’s development over the decades along a path – and at a pace – that is both inspirational and admirable. What is also clear is going forward, China is well-positioned to continue to be the envy of other economies.

This is particularly true given President Xi’s focus on high-quality development – and the emphasis on more self-reliance and China’s inherent strengths in science and technology.

Indeed, I want to commend China for the impressive strides it continues to make across various cutting-edge science and technology disciplines. China is already home to most of the world’s manufacturing capacity for both solar photovoltaic cells and lithium-ion batteries – at around 80% and 70%, respectively.

Plus, roughly seven out of every 10 electric vehicles sold globally today are now manufactured here. All of which brings me to the critical role of energy going forward.

Aramco takes pride in being a reliable energy supplier and trusted partner for China. It is a partnership that we believe will continue to strengthen as oil and gas remain critical to China’s economic growth equation.

That said, our expectation is that, over time, oil demand here will shift from light transport toward petrochemicals due to a rising need for plastics, synthetic fibers, and other high-end materials.

Indeed, a reliable supply of these materials will be essential to China’s high-quality critical growth industries – including wind and solar energy, automotive, aerospace, and construction.

China is already the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand. And it is becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future. 

So Aramco’s petrochemical strategy is perfectly aligned with China’s ambitions. We plan to convert four million barrels of oil per day into high-value chemicals within the next decade – and we already are about half way there. 

We also see China as a key partner, which is why we are seeking to further strengthen our collaboration along multiple avenues. There is already a busy two-way street.

Here in China, Aramco is actively supporting energy and chemical feedstock security by investing in multiple downstream projects. In fact, China is among our key investment destinations.

Our investments are currently in Fujian, Liaoning, Zhejiang and Tianjin. I emphasize “currently” because we are continuing to identify additional opportunities, which include energy and chemicals as well as technology. 

In the other direction, we are supportive of China’s growing list of Saudi investments. 

The YASREF joint venture on our west coast is among the world’s major refineries – which China’s Ministry of Commerce calls “A Rising Energy Star from Saudi Arabia.” The list also includes Baosteel’s manufacturing JV and Rongsheng’s potential acquisition of a stake in an Aramco refinery.

To summarize: China occupies a key position in Aramco’s global strategy. I can assure you that as long-term investors, we at Aramco remain excited about China’s vast and growing opportunities. 

In fact, we want to build on our strong existing relationship, and take it to new heights. And we welcome the efforts of the Ministry of Commerce to promote further international investment in China.

Indeed, we thank the Chinese government for enabling Aramco’s investments here and we look forward to an even more promising, mutually beneficial future for all.  

Xiè xie.

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