Tuesday, 16 July 2024

Shandong downstream sector presents big opportunity for Aramco and China

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An Aramco ‘one stop shop’ in Shandong would help China’s long-term energy security, economic development and climate change mitigation goals, the 3rd Qingdao Multinationals Summit has heard.

Aramco was sponsor of the high-profile event co-hosted by Shandong Province and the Chinese Ministry of Commerce. Attended by senior government officials, the summit facilitates discussions between foreign companies and Shandong, which is home to 26 percent of China’s refining capacity and is a key destination for Aramco crude oil exports.

Mohammed Y. Al Qahtani, Aramco Senior Vice President Downstream, said: “With Aramco support, there’s an incredible opportunity to create a modern, efficient downstream sector in Shandong, with lower emissions, which could provide a wide range of products to the whole nation for decades to come. This includes our special interest in large, integrated downstream projects with high conversion into chemicals. In fact, with SABIC joining the Aramco family, and with nearly 3,000 chemical enterprises already in Shandong Province, we could jointly create a chemicals sector to rival any in the world.”

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