Remarks by Mohammed Y. Al Qahtani, Downstream President, at Qingdao Multinationals Summit 2023

Vice Chairman HAO, Party Secretary LIN, distinguished guests, ladies and gentlemen, zao shang hao and good morning. 

I would like to express my gratitude to the Ministry of Commerce and the Shandong Provincial Government for their warmth and hospitality. It is a pleasure to be here in Shandong Province, which is not only a key focal point of China’s energy future, but Aramco’s as well. 

We believe the mutual respect, partnership and collaboration between our two nations have never been stronger. 

From over 8 billion dollars of cooperation agreements inked this year, to Aramco’s growing presence taking root across multiple provinces in China, to Chinese partners investing in the Kingdom of Saudi Arabia – these are truly landmark moments in a long and successful story of Chinese and Saudi Arabian cooperation.  

But ladies and gentlemen, I believe we are only in the early chapters of a much bigger story. Because while the present day is promising, the future is even brighter – especially here in Shandong. 

As one of China’s largest refining and chemical centers, Aramco values Shandong not only for its strength today, but for the province’s promising outlook in the future as well. Both of us have ambitious, thoughtful, and strategic growth plans. Plans that meet today’s energy needs, while also navigating the global energy transition, with a focus on affordability, reliability, and access to lower carbon energy for all.  

And while short-term investment and volatility remain prominent features of the energy world today,we at Aramco remain focused on bold, yet rational, long-term energy strategies and investments. 

Investments that recognize the multi-speed, multi-source and multi-dimensional approach we must take – not only to the energy and mobility transitions, but to the materials transition as well. 

That’s why we continue to provide the energy needed to move the world and to produce the materials that can build our future as well. We see petrochemicals playing a vital role in all three transitions and the future success for Aramco, as well as key strategic partners like Shandong Province. 

Just last month, Aramco restructured our Downstream organization to put a heightened focus on our liquids-to-chemicals business, consolidating SABIC’s role as the chemicals arm of our company. 

Like Aramco as a whole, our SABIC team sees incredible growth potential in Asia, particularly here in China and Shandong. Simply put, China is the bedrock of Aramco’s long-term downstream and liquids-to-chemicals success.

We continue to expand our presence in China with five offices throughout the country, and with Saudis and Chinese nationals working side-by-side to learn from each other, share knowledge, and strengthen relationships.

In late 2021, we opened our first office in Shandong, which is working on the engineering, procurement and fabrication of key structures for our offshore fields with major partners. 

We also have a keen interest in large-scale, integrated petrochemical projects here in the province, including the Yulong Project. And in alignment with Saudi Vision 2030 and China’s Belt and Road Initiative, the opportunities for further partnerships in logistics, procurement, supply chain, and other forms of investment are endless.

Ladies and gentlemen, I have the utmost confidence that we will continue writing a much bigger and more successful story together. One telling a tale of solid partnerships, collaboration, and trust. 

With Aramco’s decades of success in the energy industry and Shandong Province’s wisdom, expertise, and resources, we envision a robust, strong, and prosperous future together. 

Thank you all. Xie-xie