Aramco and Rongsheng explore new opportunities in KSA and China
Pictured, from left, at the cooperation framework agreement signing ceremony are Xiang Jiongjiong, Zhejiang Rongsheng Holding Group Vice Chairman and Rongsheng Petrochemical CEO; Li Shuirong, Zhejiang Rongsheng Holding Group Chairman; Wang Hao, Zhejiang Provincial Government Governor; Amin H. Nasser, Aramco President & CEO; Mohammed Y. Al Qahtani, Aramco Downstream President; and Faisal M. Al Faqeer, Aramco Senior Vice President of In Kingdom Liquids to Chemicals Development.
- Cooperation framework agreement paves way for new downstream partnerships.
Aramco, one of the world’s leading integrated energy and chemicals companies, is exploring the formation of a joint venture in the Saudi Aramco Jubail Refinery Company (“SASREF”) with Chinese partner Rongsheng Petrochemical Co. Ltd. (“Rongsheng”) and significant investments in the Saudi and Chinese petrochemical sectors, in partnership with Rongsheng.
The Company recently signed a cooperation framework agreement that envisions Rongsheng’s potential acquisition of a 50% stake in SASREF. The agreement also lays the groundwork for the development of a liquids-to-chemicals expansion project at SASREF, in addition to Aramco’s potential acquisition of a 50% stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. (ZJPC) and participation in ZJPC’s expansion project.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “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. In building on our existing relationship, we aim to advance our expansion in a key geography and attract new investment to the Saudi downstream sector.”
In July 2023, Aramco acquired a 10% interest in Rongsheng through its subsidiary Aramco Overseas Company BV, based in the Netherlands. Rongsheng in turn owns a 100% equity interest in ZJPC, which operates an aromatics production complex and has an interest in a joint venture that produces purified terephthalic acid.
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