Aramco chief sees Chinese demand as healthy and considers further investment Written by: Reuters

Maha El Dahan, written by Youssef Saba

DUBAI (Reuters) – saudi aramco (Tadaul:) Chief Executive Officer Amin Nasser said on Sunday that the oil giant was considering further investment opportunities in China, noting that China’s oil demand was strong and growing.

“So far, we’re in the first half of 2024, and demand in China is healthy and growing,” Nasser said, adding that net profit fell to $121.3 billion from a record $161.1 billion in 2022. He said this on a media call after Aramco’s financial results announcement. oil price.

“You see it in terms of influence from different producers around the world,” he said.

Aramco has signed oil supply contracts and invested in refineries in China, and is in additional negotiations focused on converting liquids into chemicals.

Nasser said the country’s refineries are the most fully integrated and have the highest conversion rates.

“We are currently considering several investment opportunities in China.”

Nasser expects the global oil market to remain healthy through 2024.

“We’re expecting it to be pretty solid, and we’re looking at an increase of about 1.5 million barrels,” Nasser said.

Nasser predicted demand in 2024 would be 104 million barrels, compared to average demand in 2023 of 102.4 million barrels.

Aramco aims to increase gas production by 60% by 2030 from 2021 levels.

Nasser said Aramco could invest in liquefaction (LNG) projects in geographical areas outside of Australia in partnership with Midocean Energy, which agreed to take a strategic minority stake last year.

“We are partnering with Mid-Ocean in Australia and may partner with other enclaves as opportunities arise,” he said.

Nasser also said Aramco is interested in investing in LNG opportunities in the United States, but said he could not provide further details.

“We are in talks with a number of companies.”

Aramco is in talks to invest in the second phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, sources told Reuters last week, as well as a proposed expansion to the first phase, which is already in production. It has become.

Also in talks to partner with a French automaker renault Mr. Nasser said that (EPA:) and China’s Geely Automobile have acquired a 15% to 20% stake in a joint venture for internal combustion and hybrid engines.