Aramco buys 10% stake in Chinese petrochemical firm for $3.4 billion
The Saudi energy giant unveiled plans in March to acquire the stake in Rongsheng Petrochemical, valued at $3.4 billion. The deal calls for the supply of 480,000 barrels per day of Saudi crude to an integrated refining and chemicals complex owned by a Rongsheng affiliate.
Aramco JV HAPCO breaks ground
The complex is expected to be operational by 2026.Aramco to acquire 10% stake in China’s Rongsheng Petrochemical
The agreement with Rongsheng Petrochemical comes as Saudi Arabia -- the world's biggest crude exporter -- increases political ties with top importer China including a recent Beijing-brokered reconciliation with Iran. Aramco said in a statement the deal stipulates the supply of 480,000 barrels per day of Arabian crude "under a...
