The Saudi Arabian public petroleum and natural gas company Saudi Aramco partners with East asian country China to increase its energy supply for the next 50 years as new and existing energy sources run in parallel for some time.
One of the world’s biggest oil exporter, Saudi Arabia has retained its position as China’s top supplier in the first two months this year, with volumes increased up by 2.1 percent to 1.86 million barrels each day.
Saudi Arabia has risen above Russia to keep its ranking as China’s top crude oil supplier in 2020 despite its unparalleled production cuts in a pact.
Between the organisation of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the pandemic.
Amin Nasser, The Chief Executive Officer of Saudi Aramco said in a video speech
“Ensuring the continuing security of China’s energy needs remains our highest priority … not just for the next five years but for the next 50 and beyond,”
“We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition. But, realistically, this will take some time since there are few alternatives to oil in many areas.”
The CEO also mentioned that besides being the china’s top energy supplier the oil firm is also well placed to help China achieve its second centennial goal in energy transition.
The President of China, Xi Jinping had announced that China would bring its carbon emissions to a peak before 2030 and reach neutrality by 2060, this pledge was expected to create a tectonic shift in its energy and manufacturing sectors.
To meet China’s Needs for heavy transport and chemicals, lubricants and non-metallic materials Saudi Aramco expects opportunities for further investments in downstream projects.
By 2025 China National Petroleum Corp’s research institute have forecasted that oil demand will be capped at 730 million tonnes.
