KSA Business: Aramco to help boost Chinese energy security with Shandong plan – Gulf Digital News

KSA Business: Aramco to help boost Chinese energy security with Shandong plan – Gulf Digital News

Saudi oil giant Aramco's ‘one stop shop’ in Chinese city of Shandong could help the country’s long-term energy security, economic development and climate change mitigation goals, said a top official at the 3rd Qingdao Multinationals Summit in China.

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% of China’s refining capacity and is a key destination for Aramco crude oil exports.

Addressing the gathering, Mohammed Y. Al Qahtani, the Aramco Senior Vice President Downstream, said China’s rising energy needs and the challenging environment underline the strategic case for a more resilient energy system. 





"Stronger ties with the world’s largest oil exporter would enhance China’s energy security, especially as we work on increasing our production capacity to 13 million barrels per day," he stated.  





Lauding China’s 14th Five Year Plan for prioritizing energy security and stability, and thus acknowledging its crucial role in economic development, Al Qahtani said: "We aspire to invest in China’s future economic growth by building a large, integrated downstream business across the country with