عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Aramco in Talks on More Investments in China

President & CEO of Saudi's Aramco, Amin H. Nasser, speaks during the opening session of the International Petroleum Technology Conference (IPTC), in Riyadh, Saudi Arabia, February 21, 2022. (Reuters)
President & CEO of Saudi's Aramco, Amin H. Nasser, speaks during the opening session of the International Petroleum Technology Conference (IPTC), in Riyadh, Saudi Arabia, February 21, 2022. (Reuters)
TT
TT

Saudi Aramco in Talks on More Investments in China

President & CEO of Saudi's Aramco, Amin H. Nasser, speaks during the opening session of the International Petroleum Technology Conference (IPTC), in Riyadh, Saudi Arabia, February 21, 2022. (Reuters)
President & CEO of Saudi's Aramco, Amin H. Nasser, speaks during the opening session of the International Petroleum Technology Conference (IPTC), in Riyadh, Saudi Arabia, February 21, 2022. (Reuters)

Oil giant Saudi Aramco is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.

"China is an important part of Aramco's base," Nasser told reporters on the sidelines of a conference in Saudi Arabia.

"And we are currently in discussions with a number of our partners in China for more investment," he said, declining to disclose the nature or size of potential investments.

Nasser said last year that 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.

He told the conference on Monday that while oil demand globally is close to reaching pre-pandemic levels, investment in the sector is inadequate to sustain global supplies in the short to medium term.

Aramco is working on boosting its maximum sustained capacity to 13 million barrels per day by 2027, Nasser told reporters, from 12 million bpd currently.

"It will be a gradual build from '25 to '27," he said.

The company will allocate more capital for investments, including to boost maximum sustained capacity and gas supply.

"We will have, very soon, an earnings call after we announce our numbers, and we will be explaining more about what we are doing," he said, responding to a question on whether Aramco would use rising income due to higher oil prices on capital expenditure or dividends.

"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.

"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 realization 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."

Aramco completed the world's largest initial public offering in late 2019, raising $29.4 billion on the Riyadh bourse.

Saudi officials have previously raised the possibility of selling more shares in Aramco.

Responding to a question on whether further shares of Aramco would be sold in Saudi Arabia or abroad, Nasser said: "This is a government decision when the major shareholder to decide if they would like to list more of Saudi Aramco."

Most Viewed

 
 
Business

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
TT
TT

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
TT
TT

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
TT
TT

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.