Remarks by Amin H. Nasser at the Global Business Executives Meeting With China’s Leadership

Your Excellency President Xi Jinping,

Excellencies, Distinguished attendees: zǎo shang hǎo, and good morning.

It is my great honor and privilege to attend this event.

Over the past decade, I have visited China every year to learn about your country’s latest policies and developments announced from the annual Two Sessions.

China continues to develop along a path – and at a pace – that is both inspirational and admirable.

Indeed, China’s economic growth of 5% in 2024 was at the highest level among the world’s top economies, contributing around 30% of global growth.

The 2025 growth target of 5% means China will remain a critical driver for global growth.

This achievement is particularly impressive given complex global challenges in recent years.

At Saudi Aramco, we sincerely appreciate China’s pursuit of progress while ensuring stability.

Indeed, China is becoming an oasis of certainty in an increasingly unpredictable global environment.

Aramco takes great pride in being one of China’s most reliable energy suppliers and playing a role in your sustained economic development.

Our relationship is built on a foundation of mutual respect and cooperation.

Moreover, we are seeking to strengthen this collaboration.

Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan (US$34bn).

With Aramco’s share at over 90 billion yuan (US$13bn).

And we hope to expand this as we see a number of opportunities that offer great potential.

One obvious area is chemicals.

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 strategy is very much aligned with China’s ambitions.

We plan to convert four million barrels of oil per day into high-value chemicals within the next decade with China being our key investment priority.

Currently, our investments are in Fujian, Liaoning, Zhejiang and Tianjin with Beijing as our main business hub.

And we expect our investments to grow further as we are working with our partners on additional opportunities.

Another area of great potential relates to the energy transition.

China has distinct strengths in renewables.

Meanwhile, Aramco and Saudi Arabia have a strong interest in solar, wind, hydrogen, and electro fuels.

For example, we have invested in a joint venture with Geely to develop new mobility solutions that reduce transport emissions.

Industries of the future is another area for increased cooperation.

This covers a wide range of emerging technologies.

Just as China has major ambitions when it comes to digital technologies, so does Aramco.

Our venture capital arm that has been allotted the equivalent of about 55 billion yuan (US$7.5bn) to invest in multiple markets.

That includes investments already made in several Chinese startups.

Going forward, we want to strengthen our relationship with China in the development of technology.

Finally, there are the opportunities for Chinese companies in Saudi Arabia.

In the last decade, the number of Chinese companies on Aramco’s list of certified vendors has doubled.

We also support China’s investments within Saudi Arabia.

This includes our YASREF joint venture with Sinopec in the west coast and Rongsheng’s potential investment in Jubail on the east coast of Saudi Arabia.

We are also collaborating with top Chinese companies like Baosteel in setting up a manufacturing complex in Saudi Arabia.

We believe the future holds unlimited possibilities.

And we share similar views – like China, we also think long-term.

In decades and beyond, not in quarters.

We remain excited about China’s vast and growing opportunities.

Aramco is not just investing in products, but in people.

For decades, Aramco has been sponsoring Saudi students to come here and benefit from the world-class higher education offered in China.

In closing, let me go back to China being an oasis of certainty.

I used the term “oasis” because I am reminded of the desert – where an oasis is a fertile area that provides refuge.

Clearly, China is a fertile ground for opportunities to collaborate for the betterment of society and the advancement of the economy.

Indeed, these opportunities enable companies like Aramco to move forward with confidence.

That confidence comes from the decisive actions of China.

For this – and for enabling our investments in China – we sincerely say xiè xie.

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