Aramco aims to increase its production to 13 million barrels per day by 2027
The President and Chief Executive Officer of Saudi Aramco, Amin Al-Nasser, affirmed Aramco’s support for energy security and development in China, through strategic partnerships and joint ventures, and by using emissions-reducing technologies that enable the manufacture of low-carbon products, chemicals, and advanced materials.
Al-Nasser added, during his speech at the China Development Forum, that Aramco will increase its production capacity by one million barrels per day to 13 million barrels per day by 2027, and will increase gas production by more than 50% by 2030, which will add an additional million barrels per day of oil for export. What will enhance “China’s energy security” in the long term.
The CEO of Saudi Aramco explained that the global energy transition badly needs “some realism and clarity.”
During the forum, Aramco – the world’s largest energy company – signed agreements with Chinese partners to build a state-of-the-art refining complex in the northeastern region of China.
Nasser said the energy giant has agreed to the deal with North Huajin Chemical and Panjin Xincheng to begin construction of the refinery and petrochemical complex in Liaoning Province.
“We see a huge win-win opportunity to build a world-leading integrated downstream sector in China, with a particular focus on higher conversion of liquids directly to chemicals as part of our broader plans to expand our liquids-to-chemicals business,” Al-Nasser added.
He said that Aramco wants to be a comprehensive source of energy and chemicals for China’s long-term energy security and high-quality development.
A preliminary framework agreement for the Liaoning Refinery was signed for the first time during the visit of Saudi King Salman bin Abdulaziz to Beijing in March 2017.
In 2019, Aramco agreed to set up a venture with two Chinese partners while Crown Prince Mohammed bin Salman was in Beijing, which was seen as a landmark deal with a key ally.
After reviving investment talks in early 2022, Aramco said in March that it would go ahead and invest in a 300,000-bpd refinery using ethylene cracking with China North Group Corp., better known as Norinco.
He added that Aramco is also partnering with Baoshan Iron and Steel Company to produce steel plates in Saudi Arabia with a lower carbon footprint.
The company has also signed a letter of intent to be part of a new entity being created by Renault and Geely, amid efforts to develop more efficient and lower-emissions hybrid engines and systems.