Despite a 38% drop in Q2 profit due to lower oil prices and production cuts, Saudi Aramco will continue investing in China, its primary oil customer. The company plans to expand its presence in China, focusing on both crude and chemical growth. Saudi Arabia has heavily invested in Chinese refineries, recently acquiring a 10% stake in Rongsheng Petrochemical. Aramco’s commitment to China comes as it faces competition from Russia for Asian market share, as Russian oil sales to China have surged, challenging Saudi Arabia’s position.
- Saudi Arabia to ramp up oil investments in China as it competes with Russia