Saudi Aramco said it is studying the possibility of establishing a joint venture in the Saudi Aramco Jubail Refinery Company (SASREF) with Chinese partner Rongsheng Petrochemical Co., Ltd.
Aramco added in a statement on Saturday that it is also studying major investment opportunities in the petrochemical sector in both Saudi Arabia and China, in partnership with Rongsheng.
According to the statement, this agreement lays the foundation for the development of the SASREF liquids-to-chemicals expansion project, in addition to Saudi Aramco’s potential acquisition of a 50 percent stake in Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of Rongsheng, as well as participation in its expansion project.
Saudi Aramco has signed a framework cooperation agreement with Rongsheng, which provides for Rongsheng’s potential acquisition of a 50 percent stake in SASREF.
In July 2023, Aramco acquired a 10 percent stake in Rongsheng through its wholly-owned subsidiary, Aramco Overseas, based in the Netherlands.
Rongsheng, in turn, owns 100 percent of Ningbo Zhongjin Petrochemical Co., Ltd.
