Saudi Aramco is planning to invest in China’s future economic growth by building a large, integrated downstream business across the country with Chinese partners, the oil major said in a statement on Wednesday.

“With Aramco support, there’s an incredible opportunity to create a modern, efficient downstream sector in Shandong, with lower emissions, which could provide a wide range of products to the whole nation for decades to come,” Mohammed Y Al Qahtani, Aramco Senior Vice President Downstream, said at the third Qingdao Multinationals Summit on June 20.

This includes Aramco’s special interest in large, integrated downstream projects with high conversion into chemicals.

“With SABIC joining the Aramco family and nearly 3,000 chemical enterprises already in Shandong Province, we could jointly create a chemicals sector to rival any in the world.”

Shandong Province accounts for over a quarter of China’s total refining capacity.

The statement stated that China’s rising energy needs and the challenging environment underline the strategic case for a more resilient energy system.

“Stronger ties with the world’s largest oil exporter will enhance China’s energy security, especially as we work on increasing our production capacity to 13 million barrels per day,” Al Qahtani said, adding that partnership with Saudi Aramco will help China meet its energy security, economic development, and climate change mitigation goals simultaneously.

Saudi Aramco, which claims to have one of the world’s lowest upstream carbon intensity footprints, intends to leverage carbon capture, utilization, and storage; hydrogen and direct air capture technology to become one of China’s lowest carbon intensity suppliers of energy into the future, the statement noted.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)