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March 21, 2021

Saudi Aramco plans to “expand and intensify” its cooperation with China on research in areas including hydrogen and ammonia production from natural gas, according to the company’s President and Chief Executive Amin Nasser.

Aramco is looking to work with China on blue hydrogen and ammonia, synthetic fuels and carbon capture utilization and storage, Nasser said at the China Development Forum in Beijing. “All of these are essential to achieving our long-term, low-carbon ambitions,” he said.

The oil major is also sizing up possible investments in Chinese projects despite spending constraints arising from a period of low oil prices as a result of the coronavirus pandemic.

“We see opportunities for further investments in integrated downstream projects to help meet China’s needs for heavy transport and chemicals, as well as lubricants and non-metallic materials,” Nasser said.

Aramco posted net income of 184 billion riyals ($49 billion) for 2020 earlier Sunday and said it would meet its previously stated intention to pay out $75 billion to shareholders.


Source: Bloomberg
Image Source: Getty Images