©Reuters. File photo: Aramco Chairman and CEO Amin Nasser speaks at the China Development Forum 2023, in Beijing, China, March 26, 2023. REUTERS/Jing Xu/File Photo
By Maha El Dahan and Yousef Saba
DUBAI (Reuters) – Saudi Aramco (TADAWUL:) Chief Executive Amin Nasser said on Sunday that the oil giant is looking for further investment opportunities in China, where he said demand for oil is robust and growing.
“So far we are in the first part of 2024, demand is healthy and growing in China,” Nasser said at a news conference after the release of Aramco results which showed net profit fell to 121.3 billion dollars from a record $161.1 billion in 2022 on a lower basis. oil prices.
“We see it in terms of offtake by different producers around the world,” he said.
Aramco has invested in Chinese refineries with crude supply deals attached and is in talks for further investments, with a focus on converting liquids into chemicals.
Nasser said the country’s refineries are among the most fully integrated and have the highest conversion rates.
“We are currently looking at some investment opportunities in China.”
Nasser expects the global oil market to remain healthy through 2024.
“We expect it to be quite robust, we expect growth of about 1.5 million barrels,” Nasser said.
Nasser estimated demand for 2024 at 104 million barrels compared to an average of 102.4 million barrels in 2023.
Aramco aims to increase its gas production by 60% by 2030 compared to 2021 levels.
Aramco could partner with MidOcean Energy – in which it agreed last year to take a strategic minority stake – to invest in liquefied LNG projects in geographies beyond Australia, Nasser said.
“We are partnering with MidOcean in Australia and may partner with them in 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 disclose further details.
“We are in discussions with a number of companies.”
Sources told Reuters last week that Aramco is in talks to invest in phase 2 of Sempra Infrastructure’s Port Arthur LNG project in Texas, which represents a proposed expansion of the already productive first phase.
Negotiations for a tie-up with the French car manufacturer are also still underway Renault (EPA:) and China’s Geely for a 15-20% stake in their joint venture for combustion and hybrid engines, Nasser said.