During the International Petroleum Technology Conference this week the Saudi Aramco CEO stressed the continued importance of oil and gas, as well as the benefit China has made to the global economy over the past 20 years
The CEO of Saudi Aramco has made his thoughts on the oil and gas industry clear, claiming it will be key to the global grid for many years to come.
Speaking at the International Petroleum Technology Conference (IPTC) in Beijing on March 26, Amin H. Nasser also said energy is undergoing major technological transformation across the globe but also faces a “crisis of perception”
The 61-year-old attributes this primarily to the emergence of electric vehicles and concerns over carbon emissions, and argues it is hindering the worldwide power transition to a more sustainable future.
“We need to help [people] realise that oil and gas will remain vital to world energy for decades to come,” he said.
“We 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.”
Saudi Aramco CEO on “energy bridge” between Saudi Arabia and China
Mr Nasser also made reference to China’s Belt and Road Initiative – a multi-trillion investment and infrastructure plan – as a potential foundation upon which to build oil and gas trade flows between the country and Saudi Arabia.
“We are building an energy bridge between Saudi Arabia and China that not only meets China’s growing needs for energy, but also the petrochemical products required for most industrial processes,” he said.
“The true strength of the bridge is fast moving capital flows, dynamic energy partnerships and strategic relationships built on mutual trust and shared vision”.
During his time in Beijing, Saudi Aramco’s CEO also attended the China Development Forum (CDF), an annual gathering for the country’s senior business leaders, international organisations and scholars from China and around the world.
Mr Nasser claimed that in the 20 years since the CDF began, China’s growing role in the global economy has been a “great benefit” to the world.
He said: “China is at another milestone moment with the Belt and Road Initiative.
“Clearly, having adequate, reliable, affordable and clean energy will be critical to the continued development of China and the broader global economy.
“I believe that a pragmatic mix of cleaner oil and gas and the new and evolving energy sources will help achieve both of China’s cleaner energy and economic goals.
“Saudi Aramco is ready to play a leading role as part of this strategic effort and make more investments, including in energy-related infrastructure, to ensure China – as well as all the Belt and Road partner countries – have access to reliable long-term energy supplies.”