Supplying China with oil for 50 years is a priority

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  Chinese oil imports increased 4.1% during the first two months of 2021 (Getty)</p><div><p>Saudi Aramco CEO Amin Al-Nasser said today, Sunday, that the company will give priority to China's energy security over the next 50 years and beyond, in light of the parallelism of new and existing energy sources for some time.<br/>In his speech to the Chinese Development Forum, Al-Nasser added that Aramco is also seeing opportunities for more investment in projects aimed at helping China meet its needs in the areas of heavy transport and chemicals, as well as motor oils and non-metallic materials.<br/>Al-Nasser expected that the demand rates in China during this year would return to before the outbreak of the new Corona virus, while he ruled that out with regard to European demand.<br/>China increased total crude oil imports in the first two months of this year by 4.1 percent compared to the same period in 2020, supported by strong demand for fuel and expanded refining capacity.

Yesterday, Saturday, Chinese customs data showed that oil imports from Saudi Arabia rose 2.1 percent year on year at 15.06 million tons, or about 1.86 million barrels per day, to maintain its position as the largest supplier.
The profits of the Saudi oil company, Aramco, decreased by 44% during the past year 2020, recording 183.76 billion riyals ($ 49 billion), compared to about 330.69 billion riyals in the previous year, which Al-Nasser attributed to the repercussions of the Corona virus pandemic, which caused The most difficult years of this era. “
The company attributed, in a disclosure it sent to the Saudi Stock Exchange and published today, Sunday, the decline in net profit to the decrease in crude oil prices and the decrease in the volume of its sales, as well as to the decline in profit margins in the refining and chemicals business.
Aramco is the largest Saudi company and the second largest listed company in the world, and it is owned by the Saudi government by more than 98%, and it produces in normal conditions about 10 million barrels per day.
And last November, the company issued an $ 8 billion Eurobond to provide financial resources.
(Reuters, Al-Araby Al-Jadeed)





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