Saudi Aramco's CEO, Amin Nasser, has expressed optimism about China's oil demand, driven by the Chinese government's economic growth initiatives. Saudi Aramco, a leading global oil company, has already established several joint ventures in China.
Nasser highlighted an increasing demand for aviation fuel and naphtha, especially in chemical product projects. This growth is attributed to the rising need for chemicals in electric vehicles and solar panels, marking a significant growth area.
Amidst discussions at the Singapore International Energy Week, analysts note that China's demand for gasoline and diesel might be peaking due to the rapid electrification of passenger vehicles. However, Nasser emphasized Saudi Aramco's commitment to investing in the Chinese market alongside partners, with numerous projects in preparation.
Nasser also pointed out that while global oil demand growth might stabilize, a long period of steady demand is likely. He described the current phase as an energy supplementation rather than a transition.
Saudi Aramco continues to view the Chinese market as vital for its current and future business, seeking more investment opportunities as China's oil market maintains healthy growth.
