Saudi Aramco has completed a significant deal, acquiring a 10% stake in Rongsheng Petrochemical Company for CY24.6 billion ($3.4 billion). The strategic acquisition, made through its wholly-owned subsidiary, Aramco Overseas, follows the signing of agreements announced in March between Saudi Aramco and Rongsheng Petrochemical Company.

The partnership with Rongsheng will contribute to the continued growth of Saudi Aramco and further expand its presence in China’s refining, chemicals, and marketing business. As part of the deal, Saudi Aramco will supply 480,000 barrels per day of Arab crude to China’s largest integrated refining and chemicals complex, owned by Zhejiang Oil and Petrochemical Co., a Rongsheng subsidiary.

Mohammed bin Yahya Al-Qahtani, President of Refining, Chemicals, and Marketing at Aramco, affirmed that this strategic alliance with Rongsheng aligns with Aramco’s vision to convert liquids into chemicals, enhance its presence in China, and solidify its role as a reliable crude oil supplier. The acquisition stands as a vital component of Saudi Aramco’s long-term growth strategy, driving its expansion into crucial markets.

Li Shuirong, Chairman of the Board of Directors of Rongsheng Group, emphasized that the deal marks a new era for both Rongsheng and Saudi Aramco, representing a significant milestone in Rongsheng’s international strategy.

With a 51% stake in Zhejiang, which operates the complex, Rongsheng enjoys a processing capacity of 800,000 barrels per day of crude oil and produces 4.2 million metric tons of ethylene annually.

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