Foreign media: Saudi Aramco CEO stated that the company is "quite optimistic" about the demand for PETROCHINA in China, "China is a very large market"

According to media reports from Singapore's Channel NewsAsia (CNA), Bloomberg, and others, Amin Nasser, the CEO of Saudi Arabian Oil Company (Saudi Aramco), stated on Monday (21st) that the company is "quite optimistic" about the demand for PetroChina, especially considering the series of plans launched by the Chinese government to promote economic growth.

Saudi Aramco is one of the world's largest oil companies, mainly engaged in oil exploration, development, production, refining, transportation, and sales. The company has already established multiple joint ventures with Chinese partners.

Singapore's Channel NewsAsia reported that during the Singapore International Energy Week conference, Nasser mentioned, "We see an increase in demand for aviation fuel and naphtha, especially in projects converting liquid feedstock into petrochemicals."

"A lot of this is happening in China, mainly due to the growth in petrochemical demand. Especially for the transition period, for electric vehicles, for solar panels, they need more petrochemicals. So, this is a huge growth point," Nasser said.

Bloomberg noted that as Nasser made the above remarks, some market analysts claimed that with the rapid electrification of passenger vehicles in China, the demand for gasoline, diesel, and other fuels has "already peaked or is about to peak."

"China is a huge market, and we are investing with our partners," Nasser said, mentioning that Saudi Aramco has many investment plans in preparation.

"Most analysts believe that even if global oil demand growth stops at some point, overall demand is not expected to suddenly decline, and after this stage, there may be a long period of stability," Nasser said. "We are not discussing energy transition, but energy supplementation."

This is not the first time Saudi Aramco CEO Nasser has commented on the company's development in China. According to Xinhua News Agency's report in March this year, Saudi Aramco's 2023 financial report showed that the company is optimistic about the global oil market outlook and is committed to conducting business in China, which is "very necessary for the company's existing business and future development." Reuters reported that Nasser stated after the financial report was released that the current demand in the Chinese oil market is continuously rising and maintaining healthy development. The company is seeking more opportunities to invest in the Chinese market.

Author: Suo Yanqi, Source: Global Network, Original Title: "Foreign Media: Saudi Aramco CEO Says the Company is 'Quite Optimistic' about the Demand for PetroChina, 'China is a Huge Market'"