There will be more JV opportunities with Chinese companies in refining and product sales industries, tank farm, pipelines, to further strengthen Saudi Aramco's market presence in the region.
Sound economic reforms take time and cannot be done rashly. The Chinese government is gradually moving in the right direction.
3.Have you been facing more pressures due to the energy conservation and emission reduction moves? If so, could you tell us a little bit about the pressures and the measures taken to counter the same? Did the moves entail additional investment for energy conservation and emission reduction?
China put more emphasis to energy conservation and emission reduction in recent years. Chinese people are more aware of the importance of environmental protection. It could enhance the investment for Health, Safety, Security, the Environment (HSSE) and energy conservation facilities. But it could bring benefits to manufacturers as well because it could reduce the production cost and also potential HSSE risks in manufacturing.
4.How would you rate you company's performance in China during 2014? Over the next five years, do you see an increase/decrease in China's contribution to your global business? Having said that, do you also foresee any major risks in the China market over the long term?
We had an excellent 2014 performance; got a lot of things done and are going strong meeting China's growing oil and chemicals demand
We believe that China will always be a good chunk of our business in the foreseeable future.
5.What are your views on the government's added focus on Public-Private-Partnership projects? Has your company been party of any such projects before? If so, could you share with us some interesting anecdotes or case studies? Does your company plan to be a part of the future PPP projects in China?
Our understanding is that the question is on the mix ownership, which is a part of reforms undertaken by China government.
It's very normal that the government in china to be involved in projects at the scale that Saudi Aramco is working on. We think that brings great value and legitimacy to such large scale projects and provides great opportunities to all stakeholders involved.
