Saudi Aramco expands its presence in China by acquiring a 10% stake in Rongsheng Petrochemical

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has signed definitive agreements to acquire a 10% stake in Rongsheng Petrochemical Company Limited for CNY 24.6 billion in a deal that will significantly further expand its presence in China’s refining, chemicals, and marketing businesses. Saudi Aramco will supply 480,000 barrels per day of Arabian crude oil to Rongsheng Company, Saudi Aramco’s joint venture “Aramco Huajin” Start construction work on a huge integrated refinery and petrochemical complex in northeastern China in the second quarter of 2023.