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Saudi Aramco is progressing with its collaboration with China’s Rongsheng Petrochemical Co. Ltd. (Rongsheng) to expand its liquids-to-chemicals project at Saudi Aramco Jubail Refinery Company (SASREF).
The Saudi-listed oil major signed preliminary documents for a development framework agreement with Rongsheng during Chinese Premier Li Qiang’s visit to the Kingdom.
In April, Aramco and Rongsheng entered a cooperation framework agreement to potentially form a joint venture in SASREF and significant investments in the Saudi and Chinese petrochemical sectors.
The agreement includes Rongsheng’s possible acquisition of a 50% stake in SASREF, Aramco’s proposed acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. (ZJPC) and investments in ZJPC’s expansion project.
A strategic cooperation agreement was also signed with Hengli Group Co. to advance discussions on Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical Co.
The two companies had signed a memorandum of understanding (MoU) for the proposed transaction in April 2024.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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