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Aramco eyes more downstream projects in China

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Oil giant Saudi Aramco is in talks with partners in China about further investments in the country, according to CEO Amin Nasser.
The company aims to allocate more capital for investments, including to boost maximum sustained capacity and gas supply.
"China is an important part of Aramco's base," Nasser said.
"We are currently in discussions with a number of our partners in China for more investment.”
Aramco expects opportunities for further investment in downstream projects in China - the world's biggest importer of crude oil - to help the country meet its needs for heavy transport and chemicals, as well as lubricants and non-metallic materials.
Aramco is working on boosting its maximum sustained capacity to 13 MMbpd by 2027 from 12 MMbpd currently.
Nasser added: "It will be a gradual build. We will have, very soon, an earnings call after we announce our numbers, and we will be explaining more about what we are doing, but definitely, more capital allocation for our investment." he said.
Nasser said total global investment in the oil and gas sector has halved since 2014 to $350 billion (€308).
"You've seen what happened in Europe right now and parts of Asia in terms of energy prices going very high, impacting customers all over the world," he said.
"This is mainly because of the strategies and policies that curtailed investment in certain sectors, only advocated and supported renewables and alternatives without reaching the point of realisation that you need to support all energy sources over the long-term in order to ensure that there is adequate supply to support healthy growth."