Aramco eyes downstream deals

The world's largest oil producer Saudi Arabian Oil Co, also known as Saudi Aramco, is set to continue beefing up investment in China's integrated downstream to further bolster its presence in the world's second-largest economy, its President and Chief Executive Officer Amin Nasser said.

Aramco is pressing ahead looking for indigenous partners to establish more joint ventures in China for downstream businesses, including refining, chemical, retail and distribution, Nasser told China Daily in Beijing on Monday.

Part of the company's plans includes raising the proportion of its crude oil exports to China in the next couple of years, a move Nasser said would help China's energy security. Currently, Aramco's crude exports to China are nearly 15 percent of the nation's total imports.