Aramco eyes expansion in China

Saudi Aramco’s CEO, Amin Nasser, announced on Sunday that the company was exploring further investment opportunities in China due to robust and growing oil demand, according to Reuters.

Despite a 24.7 per cent drop in net profit to $121.3 billion due to lower oil prices, Nasser expects the global oil market to remain healthy in 2024, with a projected demand of 104 million barrels a day.

The Saudi government has ordered Aramco to maintain its production capacity at 12 million barrels per day, putting some expansion projects on hold while others continue.

Aramco is also looking to grow its gas production by 60 per cent by 2030 and is considering partnerships for LNG projects outside Australia.

The company is also in talks to invest in phase 2 of Sempra Infrastructure’s Port Arthur LNG project in Texas and a joint venture with Renault and Geely. Additionally, Aramco is evaluating lithium extraction from its oilfield brine.