Aramco and Rongsheng Petrochemical (Rongsheng) planned to buy stake in each other’s units, according to a memorandum of understanding (MOU) the two sides signed. The MOU is another milestone following the agreement the two parties reached in March last year, marking an important step forward in fostering cross-border investment. Under the MOU, Aramco and Rongsheng … Read more
Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully closed a landmark transaction to acquire a 10% interest in Rongsheng Petrochemical Co. Ltd. for RMB 24.6 billion ($3.4 billion), through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The acquisition follows the signing of definitive strategic agreements by both … Read more
Saudi Aramco, the world’s largest oil producer, has entered into a $3.6 billion deal to purchase a 10% stake in Rongsheng Petrochemical Co, one of China’s oil refining giants. As part of the agreement, Aramco has committed to supply 480,000 barrels of crude oil per day to Rongsheng’s refinery in Zhejiang province over a 20-year … Read more