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Home Energy

Saudi Aramco Prioritizes China’s Energy Supply for Next Five Decades

The bold ambitions further include reducing greenhouse gases and expand reach collaboration with China

The Global Economics by The Global Economics
March 23, 2021
in Energy, Technology
Reading Time: 1 min read
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Saudi Aramco Prioritizes China’s Energy Supply for Next Five Decades

Saudi Aramco Prioritizes China’s Energy Supply for Next Five Decades

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Oil giant Saudi Aramco will warrant China’s energy security holds utmost priority for the next five decades, addressed by Chief Executive Amin Nasser to the China Development Forum on Sunday. 

In a video speech, Mr. Nasser said that the continuing security of China’s energy needs Aramco’s highest priority—not just for the next five years, but for the next 50 and beyond. 

The world’s largest oil producer, Aramco, has led Saudi Arabia to manage its first position as China’s top supplier for the first two months of 2021, as per the China customs data. 

Despite the darkened financial position of Aramco in the fall of crude prices owing to the coronavirus pandemic, the kingdom secured top in the ranking as China’s top crude supplier last year, beating Russia. 

Earlier on Sunday, Nasser stated that the Chinese demand was adjacent to the pre-covid times, all while East Asia saw a close pickup. 

Notably, the green shift as a commitment to decarbonize is one of Aramco’s priorities for China as well. Last September, Chinese President Xi Jinping made an announcement of cutting down carbon emissions to zero before 2030 and aiming for carbon neutrality by 2060.

Tags: China Energy SectorSaudi Arabian OilCompanySaudi AramcoSaudi Oil Giant AramcoXi Jinping
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The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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