MONITORING DESK
\nDUBAI
\nSaudi Aramco, the world\u2019s biggest oil producer, was building an international gas business and converting more crude oil into chemicals in a bid to lessen its carbon footprint, Chief Executive Amin Nasser said on Tuesday.
\nAramco is building \u201can energy bridge\u201d between Saudi Arabia and China to meet the Asian energy consumer\u2019s increasing need for oil and gas as well as for chemicals and liquefied natural gas (LNG), according to a copy of Nasser\u2019s speech at an industry event in Beijing.
\n\u201cWe need to help our stakeholders \u2013 including here in China and the wider Asia region \u2013 realise that oil and gas will remain vital to world energy for decades to come,\u201d he said.
\n\u201cWe need to reassure them with our own long-term investments that the safety belt we have always provided is one they can continue to rely on.\u201d
\nAramco\u2019s gas expansion strategy needs $150 billion of investment over the next decade as the company plans to increase output and later become a gas exporter, Nasser had said in November.
\nThe state-owned company is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast-growing industries, freeing up more crude oil to export or turn into chemicals.
\nNasser said that the carbon footprint of Saudi oil is among the lowest in the world, and has the lowest greenhouse gas intensity of any supplier of crude oil to China.
\nAramco is a major investor in China\u2019s energy sector. In February, Aramco inked a deal with Chinese defence conglomerate Norinco to develop a $10 billion refining and petrochemical complex and another agreement to buy a stake in Zhejiang Petrochemical.
\nSaudi Arabia was China\u2019s biggest crude oil supplier in February, data from the general administration of Chinese customs showed on Monday, reclaiming the crown from Russia after ranking no. 2 in January.<\/p>\n","protected":false},"excerpt":{"rendered":"
MONITORING DESK DUBAI Saudi Aramco, the world\u2019s biggest oil producer, was building an international gas business and converting more crude oil into chemicals in a bid to lessen its carbon footprint, Chief Executive Amin Nasser said on Tuesday. Aramco is building \u201can energy bridge\u201d between Saudi Arabia and China to meet the Asian energy consumer\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-56134","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n