Aramco, renowned as one of the world’s leading integrated energy and chemicals companies, is delving into the possibility of establishing a joint venture within the Saudi Aramco Jubail Refinery Company alongside its Chinese counterpart, Rongsheng Petrochemical Co. Ltd. This venture also entails substantial investments in both the Saudi and Chinese petrochemical sectors, in collaboration with Rongsheng.
In a recent development, the company sealed a cooperation framework agreement that outlines Rongsheng’s potential acquisition of a 50 percent stake in SASREF. Furthermore, the agreement sets the stage for the implementation of a liquids-to-chemicals expansion project at SASREF. Concurrently, Aramco is contemplating acquiring a 50 percent stake in Rongsheng affiliate Ningbo Zhongjin Petrochemical Co. Ltd. and participating in ZJPC’s expansion endeavours.
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 VP of In Kingdom Liquids to Chemicals Development.
Mohammed Y. Al Qahtani, Aramco downstream president, remarked, “These discussions underscore our aspiration to propel our liquids-to-chemicals strategy alongside strategic partner Rongsheng, both within the Kingdom of Saudi Arabia and China. By leveraging our existing partnership, we strive to advance our footprint in a pivotal geography and stimulate fresh investments in the Saudi downstream sector.”
In a noteworthy move back in July 2023, Aramco secured a 10 percent interest in Rongsheng through its subsidiary, Aramco Overseas Company BV, headquartered in the Netherlands. Rongsheng, in turn, holds full equity in ZJPC, which operates an aromatics production complex and holds interests in a joint venture dedicated to producing purified terephthalic acid.
For more information visit www.aramco.com
