Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data showed Saturday
“Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond,” Nasser said in a video speech.Nasser said “The state oil giant also expects opportunities for further investment in downstream projects to help to meet China’s needs for heavy transport and chemicals, as well as lubricants and non-metallic materials”
Experts from China National Petroleum Corp’s (CNPC) research institute have forecast that China’s oil demand will be capped at 730 million tonnes by around 2025 under Xi’s climate pledge.
He added that 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.
The kingdom beat Russia to keep its ranking as China’s top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies to balance global markets after demand plunged during the COVID-19 pandemic.
Chinese President Xi Jinping announced in September that China will bring its carbon emissions to a peak before 2030 and reach carbon neutrality by 2060, a pledge that is expected to create a tectonic shift in its energy and manufacturing sectors.
Source:Reuters