Home Tech/AIIndustry & Trade Aramco to invest billion in Chinese petrochemicals

Aramco to invest billion in Chinese petrochemicals

by Norhan Adel
Aramco

Saudi oil giant Aramco announced on Sunday and Monday deals to invest billions of dollars in China’s downstream petrochemicals industry.

Saudi Arabia’s state-owned Aramco announced on Sunday plans to construct a new refinery and petrochemical complex in north-eastern China through a joint venture.

Aramco will also acquire a 10 percent interest in China’s Rongsheng Petrochemical Co. Ltd for $3.6 billion. The oil gaint will supply 480,000 barrels per day to Zhejiang Petroleum and Chemical Co. Ltd., an affiliate of Rongsheng.

It follows a preliminary agreement Aramco reached with the Zhejiang provincial government in 2018 for a 9 percent stake in Zhejiang Petroleum and Chemical Co..

Aramco executive vice president Mohammed Al Qahtani commented on the deal stating it “promises to secure a reliable supply of essential crude to one of China’s most important refiners.”

 

 

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