Aramco highlights strategic partnership, charts integrated growth path at the Third Forum on High-Quality Development of the Petrochemical Industry

At the Third Forum on High-Quality Development of the Petrochemical Industry held in Beijing on November 15, China Managing Director Nader Al Arfaj delivered a keynote speech on behalf of the company,  highlighting the company’s strategic alignment with China’s long-term growth objectives, underscoring its role as a key partner in advancing innovation, sustainability, and integration across the petrochemical sector.

Al Arfaj said, “At Aramco, we take pride in being a reliable energy supplier and trusted partner for China. Our strategy is closely aligned with the country’s long-term growth ambitions.”   

He noted that China, as the world’s largest consumer and producer of petrochemicals—accounting for nearly half of global demand—is emerging as a critical hub for the entire chemical value chain. Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan (US$34bn), with Aramco’s share at over 90 billion yuan (US$13bn). Aramco is proactively exploring high-quality integrated refining and petrochemical opportunities in China, leveraging advanced crude-to-chemicals technologies to enhance cost efficiency while reducing carbon footprint.

Al Arfaj cited Aramco’s partnership with Sinopec as an example, noting four active joint ventures across China. These include Fujian Refining and Petrochemical Company Limited (FREP), Sinopec Senmei (Fujian) Petroleum Company Limited (SSPC), Sinopec SABIC Tianjin Petrochemical Co., Ltd., and the Fujian Sinopec Aramco Refining and Petrochemical Co., Ltd inaugurated in September this year.

Beyond China, Al Arfaj highlighted the landmark Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia, a joint venture inaugurated in 2016. Earlier this year, Saudi Aramco and Sinopec signed a Venture Framework Agreement to expand YASREF’s capabilities, adding an annual capacity of 1.8-million-ton mixed-feed steam cracker and a 1.5-million-ton-per-year aromatics complex. This expansion supports Aramco’s goal to convert up to 4 million barrels per day of crude oil into petrochemicals by 2030.

Al Arfaj also outlined Aramco’s commitment to supporting China’s low-carbon transition through advanced technologies. Initiatives include the NEXCEL center in Beijing—a collaboration with the China Building Materials Academy—which develops non-metallic materials in the building and construction sector. Aramco’s Beijing Research Center and SABIC’s R&D facility in Shanghai are further advancing innovations in geophysics, chemicals, and materials science, etc.

Community engagement efforts, such as renovating basketball courts using recycled plastics in partnership with the Yao Foundation, were highlighted as examples of Aramco’s dedication to social impact and youth development in China.

In closing, Al Arfaj expressed confidence in Aramco’s collaboration with Chinese partners. “Together, we can build a resilient, sustainable, and innovation-driven petrochemical industry that supports China’s modernization goals and strengthens global energy security.” He concluded.

The forum is co-hosted by Sinopec and China International Engineering Consulting Corporation. Themed with "Transformation and Upgrading, Towards New Development," it gathered industry leaders to address critical issues such as energy transition, development strategy, and the smart transformation of the petrochemical industry.

Over 200 industry leaders, experts, and representatives from various sectors, including the National Development and Reform Commission, Ministry of Industry and Information Technology, and major energy enterprises like CNPC, CNOOC, attended the event.