Saudi Aramcois checking out the development of a joint endeavor in the Saudi Aramco Jubail Refinery Co. (SASREFwith Chinese partner Rongsheng Petrochemical Co. Ltd. (Rongsheng) and considerable financial investments in the Saudi and Chinese petrochemical sectors, in collaboration with Rongsheng.
The world’s biggest oil exporter just recently signed a cooperation structure contract that pictures Rongsheng’s possible acquisition of a 50% stake in SASREF, Aramco stated in an emailed declaration to Argaam
The contract likewise prepares for the advancement of a liquids-to-chemicals growth task at SASREF, in addition to Aramco’s prospective acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC) and involvement in ZJPC’s growth task.
Mohammed Al Qahtani, Aramco Downstream President, stated: “These conversations highlight our aspiration to advance our liquids-to-chemicals technique with tactical partner Rongsheng, both in the Kingdom of Saudi Arabia and China. In structure on our existing relationship, we intend to advance our growth in an essential location and bring in brand-new financial investment to the Saudi downstream sector.”
In July 2023, Aramco obtained a 10% interest in Rongsheng through its subsidiary Aramco Overseas Company BV, based in the Netherlands. Rongsheng in turn owns a 100% equity interest in ZJPC, which runs an aromatics production complex and has an interest in a joint endeavor that produces cleansed terephthalic acid.