Saudi Aramco aims to expand its oil production capacity by a million barrels per day to 13 million barrels by 2027 and increase gas production by more than 50 percent by 2030 to strengthen China's long-term energy security, said Amin H. Nasser, the president and CEO of the state-owned oil company said.

Photo taken on June 28, 2021 shows the industrial estate of Saudi oil giant Aramco in Dammam, Saudi Arabia. (File photo: Xinhua)

The company is also determined to further reduce the low carbon intensity of oil production, as well as methane intensity, while working on solutions such as advanced carbon capture and storage, together with circular carbon economy technologies, to support China's energy and development priorities, he said during the China Development Forum held in Beijing on Sunday.

"China's venture capital space offers important investment opportunities to stimulate the technology development and innovation required," he said.

"We recently launched a one-and-a-half billion-dollar venture capital sustainability fund to invest in advanced technologies that will help all of us move closer to a net-zero emissions future. All these initiatives can help China meet its emissions reduction goals."

According to Nasser, the company is partnering with Baosteel to produce steel plates in Saudi Arabia with a lower carbon footprint as reducing emissions from hard-to-abate sectors like steel and aluminum, cement and concrete is essential to China's high-quality development.

"This is a great example of the multiple and highly attractive opportunities for Chinese companies in the kingdom in a variety of energy and non-energy areas," he said.

"More broadly, we are developing advanced, more sustainable materials such as those based on polymers and carbon to complement conventional ones, while reducing their high cost."