BEIJING - Chinese private refiner Zhejiang Petrochemical has agreed to sell 1 billion shares in its trading arm, Rongsheng Petrochemical, to Saudi Arabian Oil Company's Unit, Rongsheng said on Monday.

Zhejiang Petrochemical will sell the Rongsheng shares, equating to a 10% stake, for 24.3 yuan ($3.53) each to Aramco Overseas Company B.V., Rongsheng said in a Shenzhen bourse filing.

($1 = 6.8797 Chinese yuan renminbi)

(Reporting by Ella Cao and Meg Shen, and Louise Heavens; Editing by Louise Heavens)