Saudi Aramco set to acquire 10% stake in China’s Shenghong Petrochemical

Saudi Aramco has signed a cooperation framework agreement with Jiangsu Eastern Shenghong Co. Ltd., a civil polyester filaments producer based in China, to buy a 10% strategic equity interest in Jiangsu Shenghong Petrochemical. Aramco will supply Shenghong Petrochemical with crude oil and potentially other feedstocks, as Aramco’s Downstream strategy aims to increase conversion of Arabian crude oil to chemicals and expand business in China. The duo also intends to cooperate on the development of an expansion project.