Saudi Aramco will ensure that China’s energy security remains a top priority for the next 50 years and beyond as new and existing energy sources run at the same time for some time, CEO Amin Nasser told China Development Forum Sunday.
Saudi Arabia, the world’s largest oil exporter, maintained its position as China’s leading supplier in the first two months of this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data Saturday.
The kingdom defeated Russia to maintain its ranking as China’s leading crude supplier in 2020 despite unprecedented production cuts in an agreement between the Organization of the Petroleum Exporting Countries and its allies to balance global markets. after decreased application through COVID-19 pandemic.
“Ensuring the continued security of China’s energy needs is our top priority – not just for the next five years but for the next 50 and beyond,” Nasser said in a video speech.
“We understand that sustainable energy solutions are essential for faster and smoother global energy transitions … But, in reality, this will take some time as there are not many alternatives to oil in many fields. “
Nasser told an employment call earlier on Sunday that Chinese demand was very close to pre-pandemic levels while Asia, East Asia in particular, had seen a strong uptick.
As well as being a major supplier of China’s energy needs, Nasser said Aramco is also well placed to help China achieve its second centennial goal in energy mobility.
Chinese President Xi Jinping announced in September that China will raise its carbon emissions by 2030 and reach carbon neutrality by 2060, a promise that is expected to create a tectonic shift in its power and manufacturing sectors.
The state’s oil giant is also anticipating opportunities for further investment in downstream projects to help meet China’s needs for heavy transportation and chemicals, as well as lubricants and non-metallic materials, Nasser said.
He said Aramco is working with Chinese universities and companies in cleaner engine fuel systems and technologies to convert crude to chemicals and to reduce greenhouse gas emissions from existing energy sources.
“Indeed, we have even stronger goals to expand and strengthen our research cooperation with China,” Nasser said, adding that further cooperation is likely on blue hydrogen, ammonia and carbon sequestration among others.
Experts from China National Petroleum Corp. (CNPC) research institute have predicted that China’s oil demand will be limited at 730 million tons by 2025 under the Xi climate pledge.
This story was published from a wire group group with no text changes.