Saudi Aramco sees opportunities to invest in and cooperate with China in the fields of chemicals, green materials, energy transition and digital innovation, said Amin Nasser, president and CEO of the Saudi Arabian oil giant.

While energy remains “a strategic pillar” of Aramco’s relationship with China, future opportunities extend beyond investing and cooperating in energy alone, he said Monday at the China Development Forum in Beijing.

China’s goals for chemicals align with those of Aramco, which acquired a majority stake in petrochemicals manufacturer Saudi Basic Industries Corp. (SABIC) in 2020 and aims to boost its crude oil-to-chemicals output, according to Nasser.

The Aramco president highlighted two petrochemical deals between the oil supplier and its Chinese partners, as well as a third arrangement between SABIC and state-owned Fujian Energy and Petrochemical Group Co. Ltd.

One is a joint venture that Aramco set up with North Huajin Chemical Industries Group Corp. and Panjin Xincheng Industrial Group to build a refining and petrochemical complex in China’s northeastern province of Liaoning. Construction started last year and the complex is expected to be fully operational by 2026, according to an Aramco announcement in March 2023.

The oil company also acquired a 10% stake in Hangzhou-based Rongsheng Petrochemical Co. Ltd. (002493.SZ +0.93%) for $3.4 billion, according to an announcement in July. As part of the deal, Aramco can supply 480,000 barrels of crude oil per day to a refining and chemicals complex owned by a Rongsheng affiliate.

The construction of a petrochemical facility jointly funded by SABIC and Fujian Energy is “on track” to be started, Nasser said. The complex is expected to cost $6.4 billion and reach an annual ethylene capacity of up to 1.8 million tons.

Opportunities for investment and partnership can also stem from digital technologies, the growing demand for materials with low carbon emissions, as well as the development of technologies to reduce emissions, Nasser said.

China and Saudi Arabia can collaborate to achieve their climate goals, he said.

“China has distinct strengths in renewables and critical materials, while Aramco and Saudi Arabia have a clear interest in solar, wind, hydrogen, and electro fuels,” he said. “These areas have great long-term potential, and combining our strengths could match our ambitions.”