Saudi 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.