Ladies and gentlemen, esteemed guests, and distinguished Excellencies, I extend my warm greetings to all of you. Good afternoon, and xià w ho.
Returning to Beijing after a considerable absence, we find ourselves filled with joy and gratitude as we reunite with cherished friends and valued allies. Amidst the backdrop of the ongoing COVID pandemic, escalating conflicts in Europe, and the prevailing global economic challenges, which are further exacerbated by an energy crisis, we find ourselves coming together once again.
In the midst of a complex landscape, the global energy transition finds itself yearning for a dose of realism and clarity. In a notable development, we eagerly embrace the pragmatic perspectives shared by His Excellency President Xi on this matter.
In a consensus echoed by many, it is widely acknowledged that the coexistence of conventional energy sources and their alternative counterparts will be imperative for the foreseeable future. In a resounding consensus, it is widely acknowledged that China's pursuit of climate change mitigation objectives must not come at the cost of compromising its energy security.
The principle of "building the new before discarding the old" resonated deeply with our team.
Aramco is actively engaged in implementing three key strategies to align with China's energy and development objectives.
In a bid to bolster its long-term energy security, China has unveiled plans to ramp up its oil production capacity by an impressive one million barrels per day. By the year 2027, the nation aims to achieve a staggering production capacity of 13 million barrels. This ambitious move is set to fortify China's position in the global energy landscape, ensuring a steady and reliable supply of oil for years to come. In a bold move, plans are underway to ramp up gas production by over fifty percent by the year 2030. This ambitious endeavor aims to unleash an impressive surge, resulting in the release of an extra million barrels of oil per day, all set to be exported to eager markets.
In a resolute effort to enhance the environmental sustainability of our oil production, we are steadfastly committed to diminishing the already minimal carbon and methane intensity associated with our operations. In addition to our ongoing efforts, we are actively engaged in the development of innovative solutions such as advanced carbon capture and storage as well as circular carbon economy technologies.
In a recent development, a staggering one and a half billion dollars has been injected into a venture capital sustainability fund. The primary objective of this fund is to channel investments into cutting-edge technologies that hold the potential to propel us towards a future where net-zero emissions become a reality for all.
In the realm of venture capital, China presents a plethora of investment opportunities that hold significant potential for driving technological advancements and fostering innovation. In the ever-evolving landscape of transportation, where cars with conventional engines continue to reign supreme on the roads, efforts are underway to revolutionize their efficiency and reduce emissions. With the understanding that these traditional engines will maintain their dominance for the foreseeable future, a concerted push is being made to develop advanced technologies such as more efficient engines and hybrid systems.
In a significant move, we have officially announced our participation in a forthcoming venture initiated by Geely and Renault, as confirmed by a recently signed letter of intent. China's emissions reduction goals can be effectively met through the implementation of various initiatives.
In a significant development, the company has been consistently expanding its range of low-carbon energy sources. Notably, the inclusion of blue hydrogen and blue ammonia, electrofuels, and renewables has played a crucial role in diversifying its portfolio. In addition to our ongoing assessments, we are also considering the potential for venturing into the realm of liquified natural gas. In the ever-evolving landscape of the energy transition, another crucial concern has emerged: the materials transition.
China's high-quality development hinges on the crucial task of reducing emissions from hard-to-abate sectors such as steel and aluminum, cement, and concrete. In an effort to reduce carbon emissions, a groundbreaking partnership has been forged between our company and Baosteel. The collaboration aims to manufacture steel plates within the borders of Saudi Arabia while significantly minimizing the carbon footprint associated with the production process.
Indeed, this case serves as a remarkable illustration of the numerous and immensely appealing prospects that lie ahead for Chinese enterprises in the Kingdom, encompassing a wide range of energy and non-energy sectors. In a broader sense, there are ongoing efforts to develop cutting-edge materials that are not only more sustainable but also more cost-effective. These innovative materials, which include polymers and carbon-based compounds, are being explored as complementary alternatives to conventional materials. The aim is to address the issue of high costs associated with traditional materials while simultaneously promoting sustainability.
In a groundbreaking move, a new center of excellence for non-metallic technologies, aptly named NEXCEL, has been unveiled in the bustling city of Beijing. China's Vision: Becoming the Ultimate Energy and Chemical Provider for Long-Term Security and High-Quality Development.
In a strategic move to bolster China's energy supply, the focus is now being intensified on various fronts. This includes the development of new, environmentally friendly products such as lower-carbon alternatives, chemicals, and advanced materials. These initiatives are being complemented by the implementation of cutting-edge emissions reduction technologies, further solidifying China's commitment to sustainable energy solutions.
A significant opportunity presents itself for the establishment of a world-class integrated downstream sector in China. This endeavor will focus on the conversion of liquids into chemicals, aligning with our overarching plans to expand our liquid-to-chemicals business.
In a momentous development, today marks the signing of definitive agreements between our company and two prominent entities, North Huajin Chemical and Panjin Xincheng. These agreements pave the way for the commencement of construction on a cutting-edge integrated refinery and petrochemical complex in the highly strategic Liaoning Province.
Distinguished guests and esteemed audience members, Aramco's perspective on the future of energy closely mirrors that of China, as they both share a common vision for the most feasible route to achieve it.
Similar to China, our approach is to think in terms of decades rather than quarters.
Ensuring long-term energy security and promoting high-quality development are top priorities, extending far into the future and beyond.
In a gracious display of gratitude, the user expressed their appreciation by saying "thank you" and "xiè xie," the Chinese phrase for "thank you.
