Aramco, China’s Rongsheng plan Saudi liquids-to-chemicals project expansion
29 April 2024Saudi Aramco has signed an agreement with China’s Rongsheng Petrochemical Company (Rongsheng) to expand its liquids-to-chemicals project at Saudi Aramco Jubail Refinery Company (SASREF).
In addition, Aramco plans to acquire a 50 percent stake in Rongsheng’s wholly owned affiliate Ningbo Zhongjin Petrochemical Co. (ZJPC) and participate in ZJPC’s expansion project.
“These discussions highlight our ambition to advance our liquids-to-chemicals strategy with strategic partner Rongsheng, both in the Kingdom of Saudi Arabia and China,” said Mohammed Y. Al Qahtani, Downstream President, Aramco.
Aramco aims to advance its expansion in a key geography and attract new investment to the Saudi downstream sector, he added.
The oil giant recently signed a cooperation framework agreement for Rongsheng’s potential acquisition of a 50 percent stake in SASREF.
In July 2023, Aramco acquired a 10 percent interest in Rongsheng through its Netherlands subsidiary Aramco Overseas Company.
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