– Aramco has signed agreements with China’s Rongsheng Petrochemical Ltd and Hengli Group to enhance cooperation in the energy and petrochemical sectors, including developing the SASREF facilities.
– Aramco will acquire a 10% stake in Hengli Petrochemical Co. Ltd. and is in advanced talks regarding this acquisition, subject to due diligence and regulatory approvals.
– These agreements follow an April joint venture announcement involving Rongsheng’s potential 50% acquisition of SASREF and Aramco’s potential 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. , as well as participation in ZJPC’s expansion project.
Saudi Arabia’s Aramco has finalized agreements with China’s Rongsheng Petrochemical Ltd and Hengli Group to boost collaboration in the energy and petrochemical sectors.
Aramco will work with Rongsheng Petrochemical to enhance the Saudi Aramco Jubail Refinery Company (SASREF) facilities and acquire a 10% stake in Hengli Petrochemical Co. Ltd.
These agreements build on a joint venture announced in April, which includes Rongsheng’s potential 50% acquisition of SASREF and Aramco’s potential 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC), along with involvement in ZJPC’s expansion.
Aramco is in advanced discussions with Hengli Group about the 10% acquisition of Hengli Petrochemical, pending due diligence and regulatory approvals, following an MoU signed in April.
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