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  • China holds key position in Aramco’s investment strategy, CEO tells Beijing forum

    China holds key position in Aramco’s investment strategy, CEO tells Beijing forum

    RIYADH: Energy giant Saudi Aramco sees China as one of its key global investment destinations, with ongoing efforts to explore further opportunities across the power generation, chemicals, and technology sectors, according to its CEO.

    Speaking at the China Development Forum in Beijing, Amin Nasser emphasized his company’s three-decade-long partnership with the Asian country and its commitment to future growth and innovation.

    This comes as Aramco expands into new markets, including China, driven by the nation’s industrial growth, rising energy demand, and push for energy security.

    In his speech, Nasser said: “In China, Aramco is actively supporting energy and chemical feedstock security by investing in multiple downstream projects. In fact, China is among our key investment destinations.”

    He highlighted current investments in Fujian, Liaoning, Zhejiang, and Tianjin, adding, “I emphasize ‘currently’ because we are continuing to identify additional opportunities, which include energy and chemicals, as well as technology.”

    Nasser also highlighted China’s role in the global economy, describing it as the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand.

    “China is becoming a major hub for the entire chemicals industry value chain, which will be critical to industries of the future. China occupies a key position in Aramco’s global strategy,” he said.

    Aramco, as a long-term investor, is excited about the expanding opportunities in China, with Nasser expressing the company’s intent to elevate its relationship with the country.

    He underscored the importance of reliable oil and gas supply to China’s economic growth, predicting a shift in oil demand from light transport to petrochemicals due to rising demand for plastics, synthetic fibers, and advanced materials.

    “A reliable supply of these materials will be essential to China’s high-quality critical growth industries – including wind and solar energy, automotive, aerospace, and construction,” he added.

    In November, Aramco — in partnership with China Petrochemical & Chemical Corp. and Fujian Petrochemical Co. — began construction on a refinery and petrochemical complex in China’s Fujian province.

    At the time, the Saudi company said in a press statement that the facility would be fully operational by the end of 2030, featuring a 320,000-barrel-per-day oil refinery.

    The complex will also include a 1.5 million-tonnes-per-year ethylene unit, a 2 million-tonne paraxylene unit with downstream derivatives capacity, and a 300,000-tonne crude oil terminal.

  • Vietnam quarterly growth hits two-year high on exports, investment

    Vietnam quarterly growth hits two-year high on exports, investment

    Gross domestic product grew 7.4% year-on-year in the third quarter, surpassing the second quarter’s revised 7.09% expansion, the government’s General Statistics Office said in a report.

    Vietnam reported its strongest economic growth in two years in the quarter to end-September, as strong exports and industrial production and rising foreign investment offset the effects last month of Asia’s strongest typhoon so far this year.

    Gross domestic product grew 7.4% year-on-year in the third quarter, surpassing the second quarter’s revised 7.09% expansion, the government’s General Statistics Office said in a report.

    Vietnam is a regional manufacturing hub for multinational corporations including Samsung Electronics and Apple suppliers Foxconn and Luxshare, and has drawn a steady influx of foreign investment.

    “The world economy is stabilising as global trade in goods improves, inflationary pressures ease, financial conditions continue to loosen and labour supply increases,” the statistics office said.

    Data for September showed that exports rose 10.7% from a year earlier while industrial production was up 10.8%, it said.

    Foreign investment inflows in the first nine months of this year rose 8.9% from a year earlier to $17.3 billion.

    Northern Vietnam has been reeling from the impact a month ago of Typhoon Yagi, which killed more than 300 people, disrupted power supplies and halted industrial production. Authorities estimated property damage at $3.3 billion.

    S&P Global’s purchasing managers index (PMI) for Vietnam manufacturing fell to 47.3 in September from 52.4 in August, the biggest decline in the indicator of the sector’s health since November last year.

    “The storm brought an end to a period of strong growth in the sector,” said Andrew Harker, director at S&P Global Market Intelligence. “Heavy rain and flooding caused temporary business closures and delays to both supply chains and production lines.”

    Vietnam is targeting GDP growth of 6.0% to 6.5% this year and aims to keep inflation below 4.5%.

    Consumer prices in September rose 2.63% from a year earlier, the statistics office said in its Sunday report. Retail sales rose 7.6%.

    For the first nine months of this year, exports rose 15.4% from a year earlier to $299.63 billion while imports were up 17.3% at $278.84 billion, for a trade surplus of $20.79 billion, the office said.

    The International Monetary Fund late last month forecast Vietnam’s GDP growth at 6.1% this year, while the Asian Development Bank put it at 6.0%.

    This year’s growth is “supported by continued strong external demand, resilient foreign direct investment, and accommodative policies”, the IMF said in a report.

    Both the IMF and the ADB, however, warned that geopolitical tensions and uncertainties could hurt external demand, Vietnam’s key growth driver.

  • BGMEA hopeful of expanding Bangladesh-Iraq trade, investment

    BGMEA hopeful of expanding Bangladesh-Iraq trade, investment

    A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) headed by President Faruque Hassan met Iraqi Trade Minister Atheer Daoud Salman Al-Ghariri at the latter’s office yesterday.

    Ambassador of Bangladesh to Iraq Fazlul Bari was also present at the meeting.

    During the meeting, they had discussions about possible ways of boosting bilateral trade and investment between Bangladesh and Iraq.

    They also discussed how business interactions could be stepped up to enable businessmen and investors of both countries to identify potential sectors and make investment for mutual benefits.

    BGMEA President Faruque Hassan apprised the trade minister of Bangladesh’s increasing focus on infrastructure development, especially mega projects to upgrade road and rail connectivity alongside capacity enhancement of airports to meet the growing demand of the expanding trade and industrial sectors.

    He also highlighted Bangladesh’s steps in attracting foreign investment like special economic zones, investment-friendly policies, improved business environment.

    The BGMEA president invited Iraqi businessmen to invest in Bangladesh taking advantages of policies and business environment.

    He pointed to the prospect of direct shipment from Bangladesh to Iraq, saying it would reduce time and freight cost for export-import cargo transportation between the two countries.

    He underscored the need for initiating Dhaka-Baghdad direct flight to facilitate trade, and called on the Iraqi minister to take necessary steps in this regard.

    He maintained that both countries have potential to boost bilateral trade and investment, stressing the need for more cooperation.

    Faruque Hassan thanked Iraq for being one of those countries which recognised Bangladesh as a sovereign and independent state early after its independence.

    The Iraqi trade minister assured the BGMEA delegation of the government’s cooperation with Bangladesh’s businessmen who want to do business in Iraq.